Timothy A. Raty
One of the unique features of Texas home equity loans (besides their uncanny ability to cause headaches for compliance professionals) is the fact that the main laws governing them are set forth in the State’s Constitution (Tex….
By: Timothy A. Raty
While a lot of attention has been paid recently to the latest and greatest attempts to reform the CFPB (e.g. either legislatively through the proposed “Financial CHOICE Act” or judicially through appeals to PHH Corp.…
Timothy A. Raty
On February 24, 2017 President Trump signed a new executive order entitled “Enforcing the Regulatory Reform Agenda,” which corresponds with the executive order he signed late in January, entitled “Reducing Regulation and Controlling Regulatory Costs” (Executive Order 13771;…
Timothy A. Raty
A lot has been written about President Trump’s recent executive order instructing the Secretary of the Treasury to consult with member agencies of the Financial Stability Oversight Council (“FSOC”) and to provide a report concerning current financial regulations….
Timothy A. Raty
It’s dubious whether, at the time the Department of Housing and Urban Development (“HUD”) suspended[i] their recent rule which would have decreased annual mortgage insurance premiums (“MIPs”) on FHA-insured loans,[ii] anyone realized that at least two conundrums would occur as a result,…
Timothy A. Raty
Among the nearly dozen civil money penalties that the CFPB (or any court) is authorized to impose are the infamous “3 Tier” penalties set forth under 12 USCA § 5565 for violations of Federal consumer financial law….
by Timothy A. Raty
Higher-Risk Mortgages under the Truth-in-Lending Act
It’s not hard to find mortgage industry professionals who can tell you what a “high-cost mortgage” or “higher-priced mortgage loan” is, particularly if you mention them by one of their shorter designations (e.g.…
The rounding rules for the Loan Estimate and the Closing Disclosure are found in 12 CFR § 1026.37(o)(4) and 12 CFR § 1026.38(t)(4), respectively. The Official Interpretation to § 1026.38(t)(4)-2 states:
“For guidance regarding the requirements of § 1026.38(t)(4) [Closing Disclosure],…
At Docutech we strive to continually find solutions for issues that affect our industry. Since the introduction of the TRID rule, we have worked to provide both these solutions, as well as plain language explanations for our regulatory interpretations. One of the questions we have been repeatedly receiving concerns our decision to list trusts as borrowers on the Closing Disclosure. …
Upfront Mortgage Insurance Premium refunds are possible when a consumer is seeking to refinance a loan. The CFPB has given some guidance on what to do with UFMIP refunds on the Closing Disclosure. In the Section-By-Section Analysis to §1026.38(j)(2), the CFPB identifies three scenarios that may occur when dealing with refunds (including UFMIP refunds). …
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 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),…
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….
By: Timothy A. Raty, Regulatory Compliance Specialist
Not all of the changes under the so-called “TILA-RESPA Integrated Disclosure Requirements” (“TRID”) taking effect next August affect the content of Federal disclosures….
