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 [...]

2019-06-07T10:42:51-05:00June 10th, 2019|

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 [...]

2019-02-15T16:00:37-05:00February 10th, 2019|

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 A subscription is required to access this content—please [...]

2018-11-25T20:13:24-05:00November 25th, 2018|

CFPB Drops Zillow RESPA Case – What This Means for the Industry!

By: Tammy Butler, Master CMB Article Intro Paragraph What does it signal to the industry that the CFPB has dropped the Zillow RESPA case? Read this article to find out our opinion. Rule Synopsis: Following is the background of this inquiry as noted in the SEC filing by Zillow: “As previously disclosed, the Consumer Financial Protection [...]

2018-07-10T08:20:22-05:00July 9th, 2018|