Amongst the other confusion surrounding RESPA compliance, Section 8’s kickback provisions and enforcements probably cause the most anxiety, especially after big lenders such as Wells Fargo and J.P. Morgan have fallen under the CFPB’s hammer of justice. Learn more about staying Section 8 compliant here.
The new TILA-RESPA integrated disclosure rules are set to go into effect in less than five short months. Even with the confusion surrounding the rules, Director Richard Cordray has said that the Consumer Financial Protection Bureau won’t be backing down. In response, 15 trade organizations teamed up to formally request an enforcement grace period. We have the details here.
The Consumer Financial Protection Bureau released its latest supervisory highlights report, which outlined six common mortgage origination violations examiners noted between July 2014 and December 2014, and made recommendations on how to correct the mistakes. See how to avoid the CFPB’s crosshairs here.
In Wells Fargo’s latest quarterly newsletter to settlement agents who close loans with the lender, Wells announces the technology partner with whom agents will be connecting to, as well as answering more questions regarding the company’s plans for the TILA-RESPA Integrated Disclosure Rule implementation Aug. 1. Read on for the details.
As the independent news source for the industries on all sides of the real estate process, we often are asked about important issues affecting the landscape. The TILA-RESPA Integrated Disclosure rule has obviously been on everyone’s thoughts, and the closer we get to the deadline, the more questions we’ve received. Will we be ready? Are the systems in place? Will the CFPB give us more time after Aug. 1? Read on to see how ready the industry believes it is for TRID today.
Consumer Financial Protection Bureau Director Richard Cordray and Congressman Bill Huizenga (R-Mich.) engaged in a brief verbal sparring match recently at a House Financial Services Committee hearing when the congressman questioned the CFPB director on the bureau’s press releases and consent orders.
A heated exchange of letters between the chairperson and ranking member of the House Financial Services Committee revealed dissent over a new subpoena policy, which would give agencies two weeks to respond to subpoenas. Much of the argument centered on the CFPB’s “remarkable record of delay.” Read on to see what they had to say.
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