Regulatory Updates

The Consumer Financial Protection Bureau unveiled potential rules designed to simplify mortgage points and fees and bring greater transparency to the mortgage loan origination market. Read on for more details.

The New Mexico Regulation and Licensing Department announced that the court-appointed receiver for New Mexico Title Escrow Co., which unexpectedly shut down earlier this year, will begin servicing 900 escrow accounts that were left pending by the company. Read on for more details.

The Real Estate Services Providers Council Inc. sent a letter to the Consumer Financial Protection Bureau voicing its concerns about potential additional restrictions on affiliated businesses that it said would exacerbate discriminatory practices against affiliates at the federal level. Read on for more details from the letter.

After a hearing with the public regarding the investigation into New Mexico Title, the New Mexico Insurance Division wrote to the company’s receiver to request access to New Mexico Title’s files in order to address consumer’s title issues. Read on for more details.

After causing a stir by releasing a bulletin late last year concerning what title insurance companies can give and receive from other members of the real estate industry, the Louisiana Insurance Department of Insurance released an advisory letter clarifying questions that were raised after the bulletin was released. Read on for more details.

Associations from every area of the real estate industry, consumer groups and others are making sure their voices are heard before the Consumer Financial Protection Bureau releases its ability-to-repay rule, which is expected out sometime this spring. Specific concerns revolve around the definition of qualified mortgage the bureau is to come up with as part of the rule.

A group of 22 trade organizations, including the American Land Title Association and American Escrow Association, urged the Consumer Financial Protection Bureau to establish a safe harbor for lenders required to comply with the ability-to-repay rule it is required to write under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Read on for details from their letter.

The Consumer Financial Protection Bureau launched a public inquiry into how consumers and financial services companies are affected by arbitration and arbitration clauses. Read on for more about the investigation.

Concerned about increased reports of escrow fraud, as well as agent and underwriter solvency, the National Association of Insurance Commissioners’ Title Insurance Task Force established an Escrow Theft White Paper Subgroup to create a white paper about the issue and various solutions states could put in place to curb escrow fraud in individual jurisdictions. Read on to find out what was discussed at the group’s first conference call.

State regulators have been working hard investigating the abrupt closure of New Mexico Title, which left many customers in a lurch. The state’s Insurance Division is holding a public meeting about their investigation on May 1. Read on for the latest news in the case.