Mortgage companies pull out of MSAs
Industry News, Regulatory Updates
Two mortgage companies have made announcements that they are pulling out of all marketing services agreements, citing increasing regulatory uncertainty surrounding regulatory oversight of these arrangements. Other mortgage companies may soon follow suit. Reaction from the industry and the Consumer Financial Protection Bureau shows the broad reach of the decisions. “This will greatly impact the relationship between the players in the industry,” one said. Read on for the details, and stayed tuned to The Legal Description to find out how to remain compliant with the changing landscape, as well as expected announcements to come over MSAs and new guidance for TRID.
eClosings, the next frontier
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 integrated mortgage disclosure prototypes. Read on to for more on what’s next and how it may benefit consumers.
New York’s latest steps to regulatory changes
The New York State Department of Financial Services recently took steps toward changes to regulations impacting the title insurance industry. It sought to extend one regulation on an emergency basis for an additional 45 days and received comments on another proposed regulation. Read on to find out what one industry association had to say about the regulations.
Supreme Court of Utah reverses decision on underwriter liability
The Supreme Court of Utah reversed a district court’s decision regarding an underwriter’s liability for the actions of its title agent, interpreting an “opaque” section of state title insurance law. Read on for more details.
First American’s Hepburn home dispute goes before appellate court
First American Title Insurance Co. appealed a $2.2-million jury verdict against it. The case involved the former beachfront summer home of Katherine Hepburn. Read on to see whether the Connecticut appellate court found reason to rule for the title insurer.
Cordray details TRID enforcement
The Road to Oct. 3
After months of discussion with industry participants, and repeated discussions of enforcement activities that have been characterized as vague guidance by many, Consumer Financial Protection Director Richard Cordray went before the Senate Banking Committee and detailed all regulators’ plans for enforcement of the TILA-RESPA Integrated Disclosure rules. Read on to find out what Cordray wanted to tell senators “on the record” about enforcement.