During a May 12 speech at the National Association of Realtors conference in Washington, D.C. CFPB Director Richard Cordray took the time to dismiss some misconceptions regarding the TRID Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosures and he created a few misconceptions in the process. Director Cordray said the requirement to provide the new Closing Disclosure three business days before closing “should not interfere with a successful closing, as some have claimed. […]
Tag: Truth in Lending
TRID DELAY – NOT LIKELY
It is that season again. Every time we approach the effective date of a major regulatory change various financial institution associations make last-ditch efforts to delay the changes or the impact of the changes. The outcome is always the same – nothing changes. The Truth-in-Lending/RESPA Integrated Disclosures (TRID) changes are no exception. Recently the American Bankers Association (ABA) petitioned the Consumer Financial Protection Bureau (CFPB) to provide a grace period that would allow more time […]
TILA COVERAGE FOR TRUSTS
Effective August 1, 2015 the Consumer Financial Protection Bureau (CFPB) has changed its position regarding providing Truth in Lending disclosures in transactions that involve trusts. The revisions clarify that the benefits of the regulation extend to any consumer involved in a transaction that in substance extends consumer credit, regardless of whether that consumer is the direct mortgage obligor or a beneficiary of a trust to which such credit has been extended. Regulation Z does not […]
MORTGAGE SHOPPING TOOLKIT REPLACES SCB
On March 31 the Consumer Financial Protection Bureau (CFPB) published a new toolkit, titled Your Home Loan Toolkit – A Step-by-Step Guide, that guides consumers through the process of shopping for a mortgage and buying a house. The toolkit is designed to help consumers take advantage of the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in August. The toolkit provides a step-by-step guide to help consumers understand the […]
SCOTUS – RESCISSION CASE
As we originally reported in Spring 2014 the Supreme Court of the United States (SCOTUS) granted review in the case of Jesinoski v. Countrywide Home Loans. In the case, argued on November 4, 2014, and decided January 13, 2015, SCOTUS reversed and remanded the decision of the Eighth Circuit Court of Appeals. In a unanimous opinion delivered by Justice Scalia, the court held that a “borrower exercising his right to rescind under the Act need only provide written […]