Technology is transforming everything; it is changing the way we communicate, the way we access goods and services, and even the way we purchase homes. Soon, more and more consumers may increasingly find themselves being offered technology that allows them to access, sign, and submit mortgage closing documents online. We believe that “eClosing” can leverage technology in the mortgage closing process by providing consumers with more time to review closing disclosures and transform the way consumers relate to the overwhelming process of closing on a home.
When we asked consumers what they felt were the biggest issues...
Senate to soon vote to rescind new CFPB arbitration rule
Sen. Brown won't back down without a fight
With the Republican push for healthcare reform seemingly over for this year, it appears the Senate will likely vote on revoking the Consumer Financial Protection Bureau’s controversial arbitration rule soon.
According to an article in Reuters by Lisa Lambert and Pete Schroeder, “Once Republican lawmakers either pass or abandon their latest effort to redo healthcare...
The Consumer Financial Protection Bureau (CFPB) released a list of common mistakes following the first round of mortgage origination examinations for compliance with the TILA-RESPA Integrated Disclosures (TRID) rule.
Referred to by the CFPB as Know Before You Owe, the bureau reported the findings in its summer edition of its Supervisory Highlights.
While the CFPB failed to provide a formal hold-harmless period, the bureau did state that it would be sensitive during these early examinations.
In the report, the bureau noted that supervised entities “were able to effectively implement and comply with the Know Before You Owe mortgage disclosure rule changes.”
However, the CFPB did compile a list of most common mistakes relating to the content and timing of Loan Estimates and Closing Disclosures:
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