REALTORS ASK CFPB for Grace Period

The National Association of REALTORS and its industry allies have asked the Consumer Financial Protection Bureau to implement a grace period for compliance with new rules for loan closing procedures and settlement documents. The Real Estate Settlement Procedures Act and Truth in Lending Act integrated disclosure rule is set to take effect August 1. WhenContinue reading “REALTORS ASK CFPB for Grace Period”

Get Ready For RESPA Changes

On November 20, 2013, the Consumer Financial Protection Bureau (CFPB) issued its final rule to integrate the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures and regulations. The final rule integrates existing disclosures with new requirements from the Dodd-Frank Act to improve consumer understanding of the mortgage process, aid inContinue reading “Get Ready For RESPA Changes”

RESPA/TILA Webinar

A NAR webinar that covers changes to Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) under the Dodd-Frank Wall Street Reform and Consumer Protection Act is available online. The new rule combines the Good Faith Estimate with the Truth in Lending (TIL) disclosure now called the “loan estimate” and theContinue reading “RESPA/TILA Webinar”

Feds Impose Big Fine for Inadequate Affiliated Business Disclosure

On May 28, 2014, the Consumer Financial Protection Bureau (CFPB) announced a consent agreement and $500,000 fine to a real estate firm for inadequate disclosure language in an affiliated business disclosure. Under the Real Estate Settlement Procedures Act (RESPA) affiliate entities must disclose relationships to consumers at or prior to the time of referral andContinue reading “Feds Impose Big Fine for Inadequate Affiliated Business Disclosure”