cfpb: CFPB: Goodbye, Mr. TRID! - 11/20/19 02:47 PM
The CFPB (Consumer Financial Protection Bureau) has been reviewing and verifying several rules that they have implemented in the past, and the one that remains to be reviewed is the TILA-RESPA Integrated Disclosure rule, the TRID rule for short. It seems that eliminating the rule completely will be a possibility.
The TRID rule, implemented the Dodd-Frank Act directive to combine certain types of mortgage disclosures that consumers receive under TILA and RESPA, which require all creditors to submit standardized forms to perform any transaction. The rule also requires creditors to provide loan estimates and closing disclosures within three business days.
Since October 3, 2015 (when it … (1 comments)

cfpb: A $700M settlement has been reached between the CFPB and Equifax - 07/22/19 10:14 AM
A $700 million settlement has been agreed between the Consumer Financial Protection Bureau (CFPB) and Atlanta based credit company, Equifax. The events unfolded after a catastrophic data breach in 2017 led almost 150 millions of consumers to become publicly unprotected and vulnerable, exposing social security numbers, names, addresses, credit card numbers and even driver’s license numbers.
The settlement’s objective will be to create a restitution fund to serve as collateral for the victims impacted by the 2017 hack, clients could receive up to a $20,000 compensation. One of the most important functions of the settlement will be to secure reliable institutions that … (0 comments)

cfpb: Broker vs. Lender dispute to be decided by the CFPB - 04/12/19 10:55 AM
In 2018, more than 250 executives from diverse mortgage companies (Mortgage Bankers Association) in the USA asked the CFPB (Consumer Financial Protection Bureau) to adapt the Loan Originator Compensation rule to new standards. Reducing this compensation would let mortgage companies compete in the new market.
Now, they’re being radically opposed by the National Association of Mortgage Brokers, this group states that these changes are unacceptable, making this a big broker vs. lender dispute with the CFPB acting as referee between the two proposals.
The NAMB argues that reducing the income of employees who earn a compulsory fixed commission (set by the government) … (0 comments)

cfpb: New rules issued over PACE program - 03/14/19 11:38 AM
The Consumer Financial Protection Financial Bureau (CFPB) plans to create new rules for the Property Assessed Clean Energy program (PACE), which will allow selected homeowners to obtain financing to better their home’s energy efficiency.
Programs like PACE will enable energy financing to gain a higher priority status over typical home mortgages, all borrowers will be able to repay their loans as part of their property tax bill.
The PACE “Advance Notice of Proposed Rule-making” will act as an “Ability-to-Repay” that would emulate the current mortgage lending system, requiring lenders to make a “good faith” determination on the borrowers capacity for repaying before making … (0 comments)

Phil Stevenson, CRMP, "Mortgage Nerd" in Miami, Florida and Texas (PS Mortgage Lending 305-791-4874 or 888-845-6630) Rainmaker large

Phil Stevenson, CRMP

"Mortgage Nerd" in Miami, Florida and Texas

Miami, FL

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PS Mortgage Lending 305-791-4874 or 888-845-6630

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