Florida Title Company

06/17/2015

NEWS FLASH!

CFPB PROPOSES TO POSTPONE EFFECTIVE DATE FOR TRID RULE TO OCTOBER 1, 2015!



WASHINGTON, D.C. - Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule:

"The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time."


The public will have an opportunity to comment on this proposal and a final decision is expected shortly thereafter.

To see the entire release, see: http://www.consumerfinance.gov/newsroom/statement-by-cfpb-director-richard-cordray-on-know-before-you-owe-mortgage-disclosure-rule/

WASHINGTON, D.C. — Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule:

06/16/2015

The purpose of a Title Company is to facilitate your escrow and provide Title Insurance for your most valuable asset.
Your choice of escrow or closing agent may be one of the most important decisions you make to arrive at your final goal of a timely real estate sale or purchase.

Make the right choice : Title Experts of South Florida, Inc

06/16/2015

The days of filling out the HUD-1 settlement form and getting a Good Faith Estimate (GFE) from the lender are winding down. On August 1st, 2015, those two forms are going away. The Truth in Lending Act (TILA) disclosure form is going away, too. Replacing them are two new forms: the Closing Disclosure and the Loan Estimate. Realtors can familiarize themselves with these new forms on the website of the Consumer Financial Protection Bureau (CFPB), which has taken over administration of the Real Estate Settlement Procedures Act (RESPA) from HUD. Just go to CFPB.gov and type in the name of the forms in the search box.

There are also new rules for the closing procedure. One rule requires all forms to be ready three days prior to closing. NAR is recommending that realtors actually get everything ready seven days prior to closing, so when you the realtor, go into the three-day period, you don't have to make any changes. Because making changes as the clock winds down comes with a cumbersome set of hurdles.

What this means is that the realtor, the lender and title agent, are under the gun to get everything squared away earlier than we have to today. And the buyers and sellers have to be cooperative as well, because if last-minute changes are made, a new three-day waiting period kicks in, at least in some cases.

The good news is, realtors have until August 1st , 2015, to get familiar with the new forms and learn about the new closing procedures.