Industry News

The Consumer Financial Protection Bureau (CFPB) met with the public Wednesday to discuss the mortgage closing process. The agency announced that it will launch a new electronic closing (eClosing) pilot program in order to explore new avenues to make closings less complex for consumers.

“As part of our Know Before You Owe initiative, we are making a commitment to work with the various stakeholders to use technology in order to improve the mortgage closing experience for consumers,” CFPB Director Richard Cordray said in his opening comments. “We strongly believe that electronic closing solutions — known as eClosings — can lead to more knowledgeable consumers and a much better process for everyone involved.”

Developing a more streamlined and efficient closing process is the next phase in the CFPB’s Know Before You Owe initiative that began in May 2011, when the bureau released its initial RESPA/Truth in Lending Act integrated mortgage disclosure prototypes.

CertainSafe, a secure file sharing platform, announced expansion into the title insurance industry through the signing of Clear To Close Services, a Virginia-based title and settlement sourcing provider. This unique partnership will take security to the next level for an industry that has placed great focus on compliance and privacy within the last 3 years. CertainSafe’s proprietary MicroTokenization technology encrypts files so securely as to be virtually unhackable, a perfect addition in an industry where consumer and lender information is frequently shared and at potential risk.

What should you know about the Consumer Financial Protection Bureau’s 1,888-page integrated mortgage disclosure form final rule? In general, you need to know what portions of the regulation apply to you and how you can become, and remain, compliant. The experts speaking at October Research, LLC’s 2014 National Settlement Services Summit in June can get you on track and help you prepare for the changes ahead.

The RESPA/Truth in Lending Act (TILA) rule is massive, technical and extensive. Narrowing in on all of the changes you need to make for your company may not be easy. If you don’t chart a detailed course for implementation now, the transition to the new disclosures could significantly disrupt your operations.

This is where the experts can help.

October Research, LLC’s session about the new forms ­— The New Mortgage Disclosure Forms: Chart Your Course for Implementation — focuses specifically on actions you can take to ensure the transition to the bureau’s new disclosure requirements is smooth and orderly.

Fraudsters continue to stay one step ahead of the rest of us, coming up with new schemes just as old schemes are being figured out. It’s important to stay as up-to-date on the prevailing schemes of the day as possible so you — and your customers — don’t become the victims of these frauds. During the American Land Title Association’s Business Strategies Conference, Gary Bernier, vice president, underwriting counsel and agency services manager for New Hampshire and Maine, shared his insight into the latest schemes.

A lot has changed in the 30 years since computer programmer and entrepreneur, Loren Harrell, launched SoftPro, the nation's leading provider of title, closing and escrow software. Its core philosophy has not changed, however. It is still dedicating to providing first-rate customer support and service to its end users.

Pioneer Technology Group announced that its Benchmark case management system received Court Application Processing System approval from the Florida Office of the State Courts Administrators. This means the system can be used immediately as an authorized web component for case file access in Florida. Read on for more details.

New mortgage rules effective in January are significantly impacting the mortgage, real estate and settlement services industries. In particular, the Qualified Mortgage/Ability-to-Repay Final Rule is causing a stir. To help ease the compliance burden, Dodd Frank Update is offering an exclusive webinar on March 26, from 2-3:15 p.m. ET, to provide mortgage lending and real estate professionals instruction on implementation best practices, various implications from the rule and overcoming sticky issues arising from adhering to the new regulations.

Wells Fargo endorsed the American Land Title Association’s Best Practices in its latest Settlement Agent Communications. It said they were guidelines for sound business practices and said settlement service providers should ideally already have these in place.

The title insurance and mortgage lending industry will begin to feel the sting of implementing the newly integrated mortgage disclosure forms soon enough. And while challenges always present themselves when dealing with new regulations, planning ahead and following the advice of industry experts can lead companies to a smooth transition and successful implementation. But title companies are urged to start now in order to manage pressure points and reduce the disruption in business operations when it comes time to comply. So what should you be doing? The Title Report and sponsor WFG National Title Insurance Co. are offering an exclusive webinar on March 19, from 2-3:30 p.m. ET, to provide title companies instruction on implementing the Consumer Financial Protection Bureau’s mandated mortgage disclosure forms.

WFG National Title Insurance Co. introduced a compliance management system to enable title agents to implement key compliance safeguards. This technology will help demonstrate to agents’ clients that they have implemented these safeguards.