The TRID Improvement Act bill passed a full House vote (271-145) on February 14, 2018. The next step is the Senate floor for a vote - however, that can take some time. There are two other possibilities that could help get the bill passed:
It's the end of April, and there's still no permanent Director of the CFPB. The battle between Acting Director Mick Mulvaney and Leandra English is still going strong. On January 30, 2018 English filed a brief for her appeal in response to the January ruling denying a preliminary injunction to block the appointment of Mulvaney as the CFPB’s Acting Director.
According to HousingWire, in a stunning reversal of its previous decision, the full Court of Appeals for the District of Columbia Circuit ruled Wednesday that the Consumer Financial Protection Bureau is constitutionally structured.
Director Cordray officially resigned as Director of the CFPB in November and later announced he would run for governor of Ohio. President Trump immediately named his budget director, Mick Mulvaney, as the Acting Director of the bureau. However, prior to resigning, Director Cordray named CFPB’s Chief of Staff, Leandra English, as the Acting Director causing the CFPB to have two Acting Directors. Cordray believed he had the authority to name an acting director under Dodd-Frank and while President Trump believed he had authority under the Federal Vacancies Reform Act of 1998. Both Mulvaney and English showed up for work that Monday.
The U.S. House Financial Services Committee passed the ALTA-supported TRID Improvement Act of 2017 (H.R. 3978) by an overwhelming 53-5 bipartisan vote in mid-November 2017. The bill, introduced by U.S. Reps. French Hill and Ruben Kihuen, corrects the inaccurate disclosure of title insurance premiums on the TILA-RESPA Integrated Disclosures (TRID). Under the current regulation, the CFPB does not allow title insurance companies to disclose available discounts for lenders title on the CDF.
Although the decertification date of the 2006 ALTA Commitment has been pushed back to August 1, 2018, you can still use the new 2016 Commitment now! SoftPro has worked with the various underwriters to ensure that the updated 2016 ALTA Commitment is ready and available for you now.
ALTA recently announced that on August 1, 2018, both the ALTA Commitment (06-17-06) and the ALTA Short Form Commitment (10-16-08) will be decertified from the current collection of standard ALTA forms and moved to the archives. The original decertification date for the 2006 ALTA Commitment was December 31, 2017. The reason for the change in the decertification date is to have the date coincide with the decertification of the ALTA Short Form Commitment.
As you may know, the Consumer Financial Protection Bureau (CFPB) recently finalized updates to its “Know Before You Owe” mortgage disclosure rule on July 7. For a full summary of the final amendments from the CFPB, click here.
As many of you know, CFPB recently released amendments to its TRID rule. While we would have preferred to see the CFPB address the owner's title insurance calculations, not much changed from the proposal except the “optional” implementation date.