From Housing Wire
The Consumer Financial Protection Bureau shocked the industry when it announced it would take another look at the Know Before You Owe rule. And now with the bureau accepting comments and feedback on it, the American Land Title Association is quick to bring up a glitch it sees in title disclosures.
Source: The CFPB needs to fix this title insurance issue with TRID | 2016-06-06 | HousingWire
From BISNOW
Cybercriminals using “spear phishing” (this is not a cover band, we promise)—targeting real estate professionals and others known to be intimately involved with the financial end of transactions. Via seemingly innocuous emails, these predators are positioning themselves to intercept funds as they change hands during the course of a deal.Ahead of his upcoming webinar WIRE FRAUD: Protect Your Clients & Your Firm, Michael gave Bisnow an in-depth look at the world of spear phishing and how reputable firms c
Source: Chicago Title On How A Positive Rep Puts You At Risk Of Cybercrime – Technology
Amendments to the TILA-RESPA Integrated Disclosure rule. Also in July 2016, the CFPB anticipates issuing a proposed rule to make clarifications and provide further regulatory guidance concerning its “Know Before You Owe” mortgage rule (also known as TRID). In response to industry concerns, the CFPB will request comment on adding new provisions and amending other provisions of Regulation Z to provide additional clarity for creditors. According to the CFPB, these amendments are intended to promote consistency in the provision of information regarding federal mortgage transactions to consumers.
Source: CFPB Publishes Spring 2016 Regulatory Agenda – Lexology