Industry News

In its Loan Application Defect Index for June 2016, First American Financial Corp. reported a continued decrease, continuing a three-month trend that First American’s chief economist says shows no sign of stopping. Read on for more details.

One of the questions lenders and settlement agents have had since the implementation of the TILA-RESPA Integrated Disclosure Rule has been whether they are permitted to share certain disclosure information with other parties to the transaction, namely sellers and real estate brokers. In its proposed updates to TRID, the Consumer Financial Protection Bureau addressed those concerns, among a number of other issues. Read on for more details.

It seems like you can do anything from your computer or mobile device these days. You can bank, shop and even order a taxi, all from the palm of your hand. So why, approximately 16 years after ESIGN went into effect, are electronic mortgages not commonplace? During a session on eClosings at the American Escrow Association’s annual conference, panelists discussed the continuing legal hurdles to going completely paperless, ways to begin aspects of eClosing and some legal concerns to think about as aspects of the mortgage process do go “e.”

North American Title Insurance Co. (NATIC) has announced a new collaboration with the University of Miami School of Law that will provide a unique educational benefit to its lawyer agents and approved attorneys through the school’s Robert Traurig-Greenberg Traurig Real Property Development LL.M. Read on for more details.

MERSCORP Holdings, Inc. and Intercontinental Exchange (ICE), announced that ICE will acquire a majority equity position in MERSCORP Holdings, Inc., owner of Mortgage Electronic Registration Systems, Inc. (collectively MERS). In addition, ICE and MERS have entered into a software development agreement to modernize and enhance the MERS System.

Hoping to keep the industry on a fast track to compliance and business building, the 12th annual National Settlement Services Summit (NS3) opens its doors today at the Sheraton and Le Meredien hotels in Charlotte, N.C. Read on for a preview of this year’s NS3.

Things have been changing in the industry at an increasingly rapid pace in the last nine years. From the housing market crash to the establishment of the Consumer Financial Protection Bureau, to the new TILA-RESPA Integrated Disclosure Rule (TRID), the entire real estate mortgage market has had to adjust to new realities quicker than ever before.

One sticking point as people adapt to their new realities? Lender’s closing instructions. Whether it’s not having enough time to read and follow those increasingly complex forms, a lender who asks you to take on more risk for the transaction, or receiving closing instructions that haven’t been adapted to the new changes, title and settlement agents have seen them all. 

At the American Escrow Association’s annual conference in Tempe, Ariz., from May 19-21, there was much to talk about regarding everything from lender closing instructions to eClosings and more. The Legal Description was there to give you all the insight into these and other topics.

In a letter to the chairs of the House Subcommittee on Financial Institutions and Consumer Credit and the Subcommittee on Housing and Insurance, the American Land Title Association urged the committees to help ensure the bureau addresses issues it feels are preventing TRID from achieving its mission of helping consumers better understand the terms of their largest financial investment. Read on for more details.

Since the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule in October, it’s safe to say that business has been anything but usual for the title and settlement services industries. In a panel discussion at the National Settlement Services Summit in Charlotte, N.C., Orange Leaf Consulting CEO Cynthia McGovern and Florida Agency Network CEO Aaron Davis will discuss the opportunities to increase and enhance your business during this period of change. Read on for the details.