The CFPB has released two proposed versions of the combined form at http://www.consumerfinance.gov/knowbeforeyouowe/ (select Switch to Industry Tool). Keep in mind that their ulimate goal is to create a NEW HUD-1 that incorporates the information from the combined form.
Check out http://www.consumerfinance.gov/know-before-you-owe-designing-a-new-disclosure/ for important title industry news from the CFPB. Be sure to sign up for the e-mail news alerts.
If you are attending the ALTA Business Strategies Conference in Las Vegas (begins on Sunday), please be sure to stop by and see what's new and upcoming in TitleExpress! Toni Carroll and I will be there, and would be happy to see you.
We are finalizing reports for use gathering data from TitleExpress for the PA Data Call Spreadsheets. If you are one of the "lucky" 20% of agents randomnly selected for this data call, these reports should help ease the data gathering burden. Look for the e-mail message later today or...
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The ALTA Small Agents Forum is coming up on March 21st at the Marriott Cincinnati Airport. I attended this event last year and I truly think it is a hidden gem of an event. For a very low cost (it is a "bill back event" and the cost last year was under $50) you have the opportunity to disc...
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Jeremy Yohe at the American Land Title Association just published the following advice on LinkedIn:
What to do if your lender client isn't following the new RESPA Rule ...
HUD has provided guidance to the American Land Title Association that agents concerned their lender clients are ...
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HUD has issued updated FAQ's and we are up to 57 pages now! I must say that I find them very useful and I am glad they are available. The recent changes focus mostly on the GFE and what constitutes a changed circumstance, but it is always good to know what the lenders are supposed to be doing. T...
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No, according to HUD, lender and/or broker fees may not be charged outside of the GFE. Therefore, every line in the 800 section requires a GFE reference. We are seeing requests from brokers to do this, and you will notice when you add a line in the TitleExpress 2010 HUD-1 in the 800 section i...
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I had the pleasure of having dinner with Karen Koogler this weekend. We talked extensively about the need for loan officers to be properly trained. She is an absolute expert in the ins and outs of the new Rule, as it applies to title agents and mortgage originators. Please be sure to visit her websi...
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No, nada, nope, not. RESPA violation.
A customer forwarded loan instructions from a lender that said that they must itemize each item that is included in line 1101 total on page 3, in this case, in the 10% tolerance table. I have spoken directly to a compliance officer at HUD and this is a cl...
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