Tag: RESPA

CFPB Updates TRID FAQs and Issues Fact Sheet

Written by: Tammy Butler, Master CMB-Publisher The CFPB issued two important updates on June 9, 2020. A Fact Sheet called – TRID Title Insurance Disclosures, and an Update to their TRID FAQs. Fact Sheet – TRID Title Insurance Disclosures The fact sheet: •Describes owner’s title insurance and lender’s title insurance. •Discusses how to disclose lender […]

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Consumer Financial Protection Bureau Announces Relief Options for Rescission Periods (Reg Z + TILA), TRID Rule Waiting Periods (TRID + Reg Z) and Delivery of Appraisals (ECOA Valuations Rule) – Dated April 29, 2020

Written by: Lloyd Rutherford, Staff Writer No matter how long you have been in the industry, the COVID-19 Pandemic is a first for all of us including the CFPB.  To offer consumers relief, the CFPB has added guidance to allow lenders some flexibility during this time.  All originators should read through these changes so that […]

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CFPB – TRID-RESPA FAQs Update – Construction Loans – Dated May 31, 2019 – Effective Immediately

Written By: Tammy Butler, Master CMB The CFPB continues to clarify industry questions from lenders regarding TRID disclosures and RESPA requirements.  In this update the bureau addresses construction loans. Rule Synopsis: Periodically, the CFPB issues clarifications to the very complex TRID-RESPA rules.  They communicate these clarifications through the TRID-RESPA FAQs, which we have attached below […]

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CFPB – TRID [TILA-RESPA Integrated Disclosure] FAQ Released January 25, 2019

Written By: Tammy Butler, Master CMB Hooray!  More clarity on TRID!  Anytime we don’t have to guess what to do regarding disclosures, is a happy day.  Read this quick FAQ to learn more. Rule Synopsis: On October 3, 2015 [yes, 3.5 years ago] TRID [TILA-RESPA Integrated Disclosure] changed the way that mortgage lenders disclose loans.  With […]

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Compliance – Ability to Repay – Guarantor: Can you advise if the non-occupant’s income can be included in the ATR-Residual calculation?

Answer: As a guarantor, that party is not considered a consumer for ability to repay. So, their income should not be included. Reference: RESPA – 1026.2(a)(11) [Article Published in Question & Answer Issue – November 25, 2018] Copyright © 2018 – Mortgage Currentcy – All Rights Reserved

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