Links in “Real Estate Settlement Procedures Act (RESPA/Regulation X)”
- CFPB to Industry on TRID Enforcement: We Will Be “Sensitive”
When it comes to enforcing new TILA-RESPA Integrated Disclosure rules starting Aug. 1, CFPB Director Cordray offers no firm grace period, but says that the bureau will be "sensitive to the progress made by those entities that have squarely focused on making good-faith efforts to comply with the Rule on time." [6/4/15]
- Headache x 5 with Looming Mortgage Disclosure Deadline
It's not just tech changes that are causing headaches for lenders as the Aug. 1 new disclosure deadline approaches. Hefty fines, growing legal exposure, rising costs, and a complicated workflow add to the pain. [6/2/15]
- Stressed about TRID? You’re Not Alone
With the Aug. 1 effective date rapidly approaching, a survey finds that 79% of banks can't even verify a precise delivery date for their updated TILA-RESPA Integrated Disclosure system. More than 20% say they will stop offering certain mortgage products if their vendor systems are not ready. [5/14/15]
- Do You Know Your Responsibilities if a Broker Delivers Your TILA/RESPA Loan Estimate?
The new TILA/RESPA combined disclosure rules go into effect in just over two months. Are you sure you know what your responsibilities are if you work with a mortgage broker who will be delivering the TILA/RESPA loan estimate disclosures for you? [5/14/15]
- Cordray Balks at Bill to Provide Hold Harmless Period for Integrated Disclosure Compliance
The CFPB Director has sent a letter to the House stating that the August 1 due date for the new integrated TILA/RESPA disclosures should not be overly burdensome as August is not a busy month for new mortgage applications, although he admitted that it is a busy month for mortgage closings. A recent House bill would provide lenders with a 5-month âhold harmlessâ bill from penalties and enforcement actions if the lender can demonstrate a good faith effort to comply with the new disclosure requirements. [5/8/15]
- 16 Trade Associations Lend Support to TRID Hold-Harmless Bill
A bill that would provide a hold-harmless period through the end of the year for the CFPB's TILA-RESPA integrated disclosures regulation receives the support of 16 trade associations, including those from both the banking and credit union industries. [5/7/15]
- Breathing Room for Good Faith Effort on New Disclosure Rules?
A bipartisan bill would shield lenders from regulatory enforcement and private lawsuits through year end if they make a good faith effort to comply with the new disclosure rules. [5/5/15]
- Regulations Z and X Guidebook
Interagency examination procedures have been developed to incorporate the most recent changes in both TILA and RESPA. [5/4/15]
- House Bill Provides TILA/RESPA âGood Faithâ Relief
A House bill would allow relief from threats of enforcement or lawsuits for financial institutions that demonstrate âgood faith effortsâ to comply with the new TILA/RESPA combined disclosures that go into effect on August 1, 2015. The proposed relief period would extend through the end of 2015. [5/4/15]
- When Must You Refund Closing Costs?
That is the question that was addressed recently by the NAFCU Compliance blog. Under the new integrated disclosure rules, there are specific requirements regarding when and how a credit union may have to provide a borrower with a refund of closing costs that exceeds the permitted tolerances. [4/23/15]
