In congressional testimony yesterday, Consumer Financial Protection Bureau Director Richard Cordray said that the bureau would provide further question-and-answer guidance to the financial and housing industries on complying with the TILA-RESPA integrated disclosures, which — since TRID took effect in October 2015 — have been delaying mortgage closings, according to a recent ABA survey.
More than three-quarters of bankers surveyed say that they have experienced delays in loan closings as a result of the TILA-RESPA integrated disclosures that took effect last fall, according to an ABA survey released today.
The Consumer Financial Protection Bureau yesterday issued a correction of a typo in the TILA-RESPA integrated disclosures.
The Consumer Financial Protection Bureau today released a fact sheet that covers the basics of using the TILA-RESPA integrated disclosures for construction loans.
Community banks continue to experience increases in compliance burdens associated with Dodd-Frank Act rules, the Government Accountability Office said yesterday in its annual report on Dodd-Frank regulations.
The FDIC today updated its Compliance Examination Manual with new guidance and examples for examiners conducting compliance and Community Reinvestment Act examinations.
As part of its Residential Mortgage Lender Certificate, ABA today launched two new online courses on preparing the required TILA-RESPA integrated disclosures. The new courses — Preparing the Loan Estimate and Preparing the Closing Disclosure — are part of the 18-course sequence toward the certificate.
Applications for new mortgages plummeted 27.6 percent in the week of October 3-9, immediately after the new TILA-RESPA integrated disclosures took effect, according to weekly figures released by the Mortgage Bankers Association today.
By a bipartisan 303-121 vote, the House last night passed H.R. 3192, which would provide a safe harbor from enforcement actions and private civil actions for lenders making good-faith efforts to implement the new TILA-RESPA integrated disclosures. The safe harbor would extend to Feb. 1.
Fannie Mae and Freddie Mac yesterday issued letters to the mortgage lenders they work with explaining their posture toward compliance with the TILA-RESPA integrated disclosures, which went into effect for new mortgage applications on Saturday.