RESPA Rules on Agents

This article is a good summary what you need to ask yourself if there is a chance of a RESPA violation.  The article comes from Raealtor Mag

A home sale cannot be conditioned on the use of a specific title insurance company. Violators can face stiff penalties.
MARCH 2013 | BY PHILLIP L. SCHULMAN
It’s not unusual for a listing agent to have a favorite closing agent and want the buyer to close the transaction using that agent, along with the agent’s title insurance and settlement services. What many practitioners don’t realize, however, is that Section 9 of the Real Estate Settlement Procedures Act prohibits sellers from conditioning the home sale on the use of a specific title insurance company, and in fact violators can be subject to penalties, with the most -typical being a fine of up to three times the amount of the title insurance fee.

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Subject Matter Experts needed for Continuing Education Courses

I am looking for a subject matter expert that can help to develop a title continuing education course about agency risk management.  Given the inevitable enforcement of the CFPB to look at how lending institutions monitor their vendors(read title agencies) title agents will need to know what is required in order to be in compliance.

Learntitle is approved in several states so the course will have wide appeal.  Compensation will be a portion of the enrollment fee.

If you are interested, please contact me by responding to this post or sending me an email at art@learntitle.com.

 

thanks

 

CFPB Reissues Guidance on Supervised Bank and Non-Bank Relationship with Third-Party Service Providers – Lexology

On October 31, 2016, the Bureau of Consumer Financial Protection (“CFPB”) reissued Bulletin 2012-03 (Service Providers) to clarify certain aspects of the risk management program for service providers. The intention behind the release is to clarify that appropriate risk management can be accomplished through giving flexibility to supervised entities.

Source: CFPB Reissues Guidance on Supervised Bank and Non-Bank Relationship with Third-Party Service Providers – Lexology

CFPB Bulletin 2016-02 – Impact on Title Agents

In this new Bulletin, CFPB again reminds Lenders to secure specific documentation from third party service providers, i.e., tile agents. This is a restatement of the same message sent in a 2012 Bulletin. Title agents should be prepared to receive new requests for copies of written internal policies and procedures that demonstrate their ability to protect the lender’s customer’s NPI.

 

Source: CFPB Bulletin 2016-02 – Impact on Title Agents

The CFPB needs to fix this title insurance issue with TRID | 2016-06-06 | HousingWire

From Housing Wire

The Consumer Financial Protection Bureau shocked the industry when it announced it would take another look at the Know Before You Owe rule. And now with the bureau accepting comments and feedback on it, the American Land Title Association is quick to bring up a glitch it sees in title disclosures.

Source: The CFPB needs to fix this title insurance issue with TRID | 2016-06-06 | HousingWire

CFPB Publishes Spring 2016 Regulatory Agenda – Lexology

Amendments to the TILA-RESPA Integrated Disclosure rule. Also in July 2016, the CFPB anticipates issuing a proposed rule to make clarifications and provide further regulatory guidance concerning its “Know Before You Owe” mortgage rule (also known as TRID). In response to industry concerns, the CFPB will request comment on adding new provisions and amending other provisions of Regulation Z to provide additional clarity for creditors. According to the CFPB, these amendments are intended to promote consistency in the provision of information regarding federal mortgage transactions to consumers.

Source: CFPB Publishes Spring 2016 Regulatory Agenda – Lexology

CFPB Looks to Streamline Dodd-Frank Protections – DSNews

From DSnews

The Consumer Finance Protection Bureau (CFPB) has proposed clarifications for certain provisions for borrowers in bankruptcy, as well as additional enhancements to loss mitigation requirements, as they relate to Dodd-Frank Act protections, according to the Bureau’s newest Semiannual Regulatory Agenda, published in the Federal Register this week.

Read entire article here: CFPB Looks to Streamline Dodd-Frank Protections – DSNews

NAR Pushing CFPB For TRID Reforms

From Mortgage Orb.

The National Association of Realtors (NAR) is pushing for reforms to the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosures (TRID) rule, also known as the Know Before You Owe rule.

The bureau announced in April that it would be clarifying its TRID rule come July. It is currently gathering feedback on its proposal to improve the rule through additional verbiage that would bring greater clarity and reduce risk for lenders, Realtors and investors.

In a recent letter to the bureau, NAR asks the CFPB to clarify that lenders can share the closing disclosure (CD) with third parties, including real estate agents, provided that the lender receives consent form from the consumer.

Read Article Here . . .

ALTA Best Practices Pillar 4

ALTA Best Practices Pillar 4

Click Here to Enroll

This course is one in a series of Courses that discuss ALTA Best Practices. This one covers Pillar 4. The objective of the course is for the learner to complete the section of their policy and procedure manual for the pillars discussed in the course. Also, upon completion the learner will be confident that they will be able to pass an ALTA Best Practice audit for the pillars discussed in the course.

streamline

Pillar 4 is about adopting standard real estate settlement procedures and policies that help ensure compliance with Federal and State Consumer Financial Laws as applicable to the Settlement process. The course covers the 34 questions asked in the ALTA Pillar 4 Workbook so that the learner understands what is expected to by compliant. The course covers the Action Items report, Assessment Readiness, and Certification

Adopting appropriate policies and conducting ongoing employee training helps ensure the Company can meet state, federal, and contractual obligations governing the Settlement.

Streamline Consulting has done the research and put together the content for the course. Streamline Consulting is a privately owned company that was formed in order to meet the personnel, technical and business needs of Title Insurance Companies. They are advocates for their clients in all aspects of the title insurance industry.

While the nature of the business is the same in all states, the nuances of each title company, even within the same city, can be very different. Streamline customizes every project and product for each title company, regardless of size, location or products and services provided to their customers.

Click Here to Enroll

ALTA Best Practices Pillar 5

ALTA Best Practices Pillar 5

Click Here to Enroll

This course is one in a series of Courses that discuss ALTA Best Practices. This one covers Pillars 5. The objective of the course is for the learner to complete the section of their policy and procedure manual for the pillars discussed in the course. Also, upon completion the learner will be confident that they will be able to pass an ALTA Best Practice audit for the pillars discussed in the course.

Pillar 5 is about adopting and maintaining written procedures related to title policy production, delivery, reporting and premium remittance. The course covers the 17 questions asked in the ALTA Pillar 5 Workbook so that the learner understands what is expected to by compliant. The course covers the Action Items report, Assessment Readiness, and Certification

Adopting appropriate procedures for the production, delivery, and remittance of title insurance policies helps ensure title companies can meet their legal and contractual obligations.

Streamline Consulting has done the research and put together the content for the course. Streamline Consulting is a privately owned company that was formed in order to meet the personnel, technical and business needs of Title Insurance Companies. They are advocates for their clients in all aspects of the title insurance industry.

While the nature of the business is the same in all states, the nuances of each title company, even within the same city, can be very different. Streamline customizes every project and product for each title company, regardless of size, location or products and services provided to their customers.

Click Here to Enroll