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Right on the heels of the release of the 2017 TRID-RESPA Amendments final rule, the CFPB released a proposal today that also impacts TRID.  The proposed amendment released in July 2016 contained comments related to utilizing a Closing Disclosure to determine if a closing cost was disclosed in good faith.  The CFPB determined, based on comments received from the proposal, that many thought the amendment “would broaden creditors’ ability to compare charges paid by or

The time has finally come, the proposed revisions to the 2015 Integrated Disclosures Rule (TRID) were released in final form today, July 7, 2017.  The proposed amendments to TRID were released in July 2016 and gave all compliance professionals a glimpse into the direction the CFPB was headed with the amendments; the proposal provided much needed clarification on many confusing aspects of TRID, including construction loans. The 560 pages of the 2017 TILA-RESPA Amendments are

By Sonja Kriegsmann, JD, Guest Author The Department of Labor (DOL) has issued its long awaited Fiduciary Rule. The Rule expands who is considered a fiduciary when giving retirement investment advice under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code. Although a final rule was issued, the DOL has subsequently published several issuances that impact both when the Rule becomes effective and the content of the Rule itself. Here’s a timeline

On June 27, 2017, the Consumer Financial Protection Bureau (CFPB) issued two pieces of information related to the 2016 Mortgage Servicing Final Rule: 1) an amendment making non-substantive corrections, and 2) policy guidance related to early compliance with the rule. Final Rule Issuing Corrections The 2016 Mortgage Servicing Final Rule was issued by the CFPB on August 4, 2016, to amend certain provisions of the 2013 Mortgage Servicing Rules. The CFPB is now making corrections

Beginning July 1, 2017, the three major credit bureaus – TransUnion, Experian, and Equifax – will exclude information on civil judgments and tax liens from consumer reports unless that information has been verified. In order to be included in the credit report, new and existing tax lien and civil judgment data must: 1) include a person’s name and address as well as Social Security number or date of birth; and 2) credit bureaus must verify