This may have a significant effect on the title business –
CFPB Finalizes Procedures for Supervising Nonbanks Engaged in Risky Conduct| Ballard Spahr.
Tag Archives: CFPB
Final list of rural and underserved counties for use in 2013 > Consumer Financial Protection Bureau
On June 1, 2013, the Escrow Requirements under the Truth in Lending Act rule (Escrows Rule) will go into effect, which requires certain creditors to create escrow accounts for a minimum of 5 years for higher-priced mortgage loans (HPMLs). The rule exempts HPMLs made by certain small creditors that operate predominantly in rural or underserved counties from this requirement. There are no exempt counties in New Jersey but our neighbors in New York and Pennsylvania have counties that made the list. Check this article on the CFPB website and download the entire list of counties.
Final list of rural and underserved counties for use in 2013 > Consumer Financial Protection Bureau.
RESPA Rules on Agents
This article is a good summary what you need to ask yourself if there is a chance of a RESPA violation. The article comes from Raealtor Mag
A home sale cannot be conditioned on the use of a specific title insurance company. Violators can face stiff penalties.
MARCH 2013 | BY PHILLIP L. SCHULMAN
It’s not unusual for a listing agent to have a favorite closing agent and want the buyer to close the transaction using that agent, along with the agent’s title insurance and settlement services. What many practitioners don’t realize, however, is that Section 9 of the Real Estate Settlement Procedures Act prohibits sellers from conditioning the home sale on the use of a specific title insurance company, and in fact violators can be subject to penalties, with the most -typical being a fine of up to three times the amount of the title insurance fee.