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.
Texas adopts state disclosure form
The Texas Department of Insurance has adopted a new procedural rule and form as an addendum to the new federal Closing Disclosure form to help consumers in Texas understand the costs associated with closing on mortgage loan. Read on for more details.
Commenters voice approval, share potential improvements to TRID
The Road to Oct. 3
Industry and consumers had until the end of the day July 7 to provide their opinions on the Consumer Financial Protection Bureau’s proposed implementation delay to the TILA/RESPA Integrated Disclosure Rule. Several individuals and associations spoke out, sharing their overall approval of the move, but also their desire for additional changes. Read on for more details.
Some processes that will change with TRID
On June 24, the Consumer Financial Protection Bureau (CFPB) proposed a two-month extension to the implementation of the TILA-RESPA Integrated Disclosure Rule (TRID). This is good news for those still working out kinks or waiting for software to arrive. However, industry members should still work to get ready for implementation, because Oct. 3 will be here soon. Panelists from RealEC Technologies, Westcor Land Title Insurance Co., SoftPro, the Mortgage Bankers Association and the Consumer Financial Protection Bureau walked attendees of the National Settlement Services Summit through the process, as well as how to adapt to the changes.