TRID Improvement Act update

Posted by SoftPro on 4/20/18 2:08 PM

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:

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Tags: Regulatory and Compliance

What you need to know about the CFPB ongoing drama

Posted by SoftPro on 4/20/18 2:08 PM

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.

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Tags: Regulatory and Compliance

CFPB declared constitutional by Court of Appeals

Posted by SoftPro on 1/31/18 12:22 PM

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.

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Tags: Regulatory and Compliance

January State Regulatory Updates

Posted by SoftPro on 1/24/18 11:01 AM

New Jersey Form and Rate Manual Revision – Effective December 31, 2017

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Tags: Regulatory and Compliance

Ongoing CFPB Drama

Posted by SoftPro on 1/23/18 1:06 PM

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.

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Tags: Regulatory and Compliance

TRID Improvement Act

Posted by SoftPro on 1/22/18 11:00 AM

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.

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Tags: Regulatory and Compliance

The New 2016 ALTA Commitment...SoftPro has You Covered!

Posted by SoftPro on 12/19/17 10:02 AM

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.

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Tags: Regulatory and Compliance

Decertification Date of the 2006 ALTA Commitment Changed to August 1, 2018

Posted by SoftPro on 11/8/17 1:29 PM

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. 

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Tags: Regulatory and Compliance

The new CFPB amendments and how they affect your SoftPro software

Posted by SoftPro on 7/20/17 9:22 AM

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.

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Tags: Regulatory and Compliance

CFPB TRID Amendments: what do they mean for the title and closing industry?

Posted by SoftPro on 7/11/17 5:22 PM

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.

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Tags: Regulatory and Compliance

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