Docutech capped off a great year of growth by naming Jon Weston as its new executive vice president of sales. Weston will focus on future organizational growth strategies for Docutech and is responsible for building and managing global sales, as well as driving exponential growth within the industry….
TRID sets forth different rounding requirements for items disclosed on the Loan Estimate and Closing Disclosure in 12 CFR §§ 1026.37(o)(4) & 1026.38(t)(4), respectively. In addition, they provide guidance on how to disclose numbers when components of such amounts include rounded numbers….
When the TILA-RESPA Integrated Disclosure Rule goes into effect on August 1, 2015, the HUD “Shopping for Your Home Loan: Settlement Cost Booklet” will be replaced with the CFPB “Your home loan toolkit: A step-by-step guide.” This new Toolkit satisfies the RESPA requirement per 12 CFR §1024.6 and the new TILA requirement per 12 CFR §1026.19(g)….
By: Amanda McMurtrey
Application is defined in 12 CFR 1026.2(a)(3) as:
“Application means the submission of a consumer’s financial information for the purpose of obtaining an extension of credit. “
The rule provides that the submission may be in written or electronic format and includes a written record of an oral application….
By: Timothy A. Raty, Regulatory Compliance Specialist
Editing by: Abraham Skousen, Compliance Implementation Analyst
Under the new TILA-RESPA Integrated Disclosures rules (“TRID”), both seller and lender credits are to be disclosed on the Loan Estimate (LE) and the Closing Disclosure (CD)….
By Anne Marie Poirier-Marquez
Two types of timing requirements pertain to the TILA-RESPA Integrated Disclosures: the Business Day Rule and the More Precise Business Day Rule.
The Business Day Rule
The Business Day Rule is defined in the first part of 12 CFR 1026.2(a)(6):
“Business day means a day on which the creditor’s offices are open to the public for carrying on substantially all of its business functions.”
This rule applies to:
• Loan Estimate – 3 day delivery requirement
• Revised Loan Estimate
• Written List of Providers for which the consumer can shop
• Special Information Booklet
All of the above-listed disclosures must be provided to the consumer within three business days of the creditor’s receipt of the consumer’s application,…
by Amanda McCurtrey, DocuTech
The Bureau of Consumer Financial Protection has proposed some amendments to the TILA-RESPA Final Rule. The Bureau is proposing to relax the timing requirement for a creditor to redisclose interest rate dependent charges and loan terms,…
by Timothy Raty
The Federal Housing Agency (FHA) has recently proposed and enacted several radical changes to their insurance procedures, in an attempt to conform with recent regulatory changes instituted by the Consumer Financial Protection Bureau (CFPB),…
Changing of the Guard: Are You Prepared for Millennials to Become the Future of Mortgage Lending?
by Scott K. Stucky
DocuTech’s Chief Strategy Officer, Scott K. Stucky, provides insight in the October 2014 edition of the National Mortgage Professional Magazine about how lenders can prepare for the future of mortgage banking….
Agriculture is the Foundation of Manufacture and Commerce…and housing?
On December 9, 2013 the U.S. Department of Agriculture (USDA) published in the Federal Register final rules which will replace the current body of Rural Development (RD) regulations implementing the Single Family Housing Guaranteed Loan Program (SFHGLP),…
IDAHO FALLS, IDAHO, June 3, 2014 – DocuTech Corp., a leading provider of compliance and documentation technology, announced today it has been named to Mortgage Technology magazine’s annual Top 50 Service Providers List….
Ellie Mae’s New Explanation for Outage Only Raises More Questions
So it wasn’t a malicious attack that overwhelmed Ellie Mae’s servers after all. What exactly was it then?
The mortgage technology developer has backtracked from its previous explanation that a distributed denial-of-service attack overwhelmed its servers from March 31 to April 1….
By Richard J. Andreano, Jr., on January 2nd, 2014
Reprinted With Permission From Ballard Spahr Posted In CFPB Monitor
In a notice scheduled to be published in tomorrow’s Federal Register, the CFPB is seeking information about the mortgage closing process from industry,…
The following table provides an update of the changes we are making to our documents in order to comply with the forthcoming January 2014 CFPB regulations. Those readers who have not read our previous updates and legal analysis concerning these new regulations are encouraged to view these before reviewing this table (these are available by clicking here for the initial announcements,…
On November 20, 2013, the CFPB issued its final rule for its two new Integrated Mortgage Disclosures, which is effective August 1, 2015. The new rule applies to most closed-end consumer mortgages. The new disclosures will not be required for home equity lines of credit,…
The following table provides an update of the changes we are making to our documents in order to comply with the forthcoming January 2014 CFPB regulations. Those readers who have not read our previous updates and legal analysis concerning these new regulations are encouraged to view these before reviewing this table (these are available by clicking here for the initial announcements here for the last update)….
By Amber Cushman – Compliance Attorney, DocuTech Corporation
On October 28, 2013, Richard Cordray addressed the Mortgage Bankers Association at their annual convention in Washington, DC, and he explained the agency’s mission and goals to promote “fair, transparent,…
Previously we had published an article detailing the changes we will be making to our documents in order to comply with the new CFPB regulations which will take effect in January of 2014 (see http://www.docutechcorp.com/the-january-2014-cfpb-regulations). After receiving client feedback and reviewing more of the CFPB’s new regulations,…