It turns out CFPB was going to need an additional two weeks after the original August 1 to compensate for an administrative error. The good news for settlement agents and real estate attorneys who were not prepared to implement the new rules is that they will have more time to get systems in place, learn the new forms and work out the bugs before October 3, 2015, so there will be no delay in their real estate closings when the date arrives. There are seven important questions to ask to determine if you are ready. >> Read more: Consumer-Financial-Protection-Bureau-Delays-Implementation-Date-for-TILA…
Understandably, real estate settlement attorneys are wary of the new TRID compliance rules that require the electronic submission of data. Given the types and amount of private and financial data contained in real estate closing documents, data security and privacy are of major concern.
To design EasyCDF, 2015 TILA-RESPA compliant real estate closing software and ensure the strongest protections are in place, Easy Soft worked with the Mortgage Industry Standards Maintenance Organization (MISMO). Read more: Easy-Soft-Addresses-Real-Estate-Closing-Software-Security-and-Privacy-Concerns
In light of the real estate closing process changes coming August 1, 2015, everyone in the real estate industry is examining their practices. The new Consumer Financial Protection Bureau‘s closing forms are the most significant change to real estate closings in years.
We’ve prepared a white paper to help real estate attorneys evaluate their role in the process. Read: Should Real Estate Attorneys Produce Their Own Closing Documents?
2015 TILA-RESPA Compliance: Is Your Business Ready?
The long-anticipated Truth-in-Lending (TILA) and Real Estate Settlement Procedures Act (RESPA) changes finalized in 2013 will go into effect August 1, 2015. Real estate closing documentation requirements will change to consolidate four existing TILA and RESPA forms into just two new integrated forms: the Loan Estimate and the Closing Disclosure forms. Sounds simple, doesn’t it? Details of the Rule actually cover 1800 pages!
Use of the new documents will be required for most real estate transactions. Failure to use the new forms will put transactions at risk and can lead to severe consequences for the settlement agent or agency and lenders. Read more>>2015 TILA-RESPA Compliance Whitepaper