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ALTA's Third Pillar Protecting NPI

ALTA’s Third Pillar: Protecting NPI


Pillar #3, NPI (Non-Public Information), involves both the physical and electronic security of customer data as required by law. Are your file cabinets locked? Who has access to the keys? Can employees use smart phones, USB and disks in the office? All it takes is one second to capture a…

National Association of Attorneys General

CFPB Director Cordray Addresses National Association of Attorneys General


In a recent meeting of the National Association of Attorneys General in Washington, Richard Cordray, Director of the Consumer Financial Protection Bureau and former Ohio Attorney General, provided an overview of the four obstacles that, in his view, “interfere with justice and dignity for consumers.” He referred to these obstacles…

What Does the CFPB "Closing Disclosure" Form Require?

What Does the CFPB “Closing Disclosure” Form Require?


According to ALTA, “The closing process will significantly change when the Consumer Financial Protection Bureau’s fine rule for integrated mortgage disclosures goes into effect Aug. 1, 2015. The rule integrates forms required under the Truth-in-Lending Act (TILA) and Real Estate Settlement and Procedures Act (RESPA). A Loan Estimate will replace…

How Are Title Insurance Companies Implementing the ALTA Pillars

How Are Title Insurance Companies Implementing the ALTA Pillars?


Each title insurance and settlement company must determine its own response to ALTA based on its size, characteristics, nature and scope. The self-assessment is a starting point allowing the title company to compare itself to its peers. This self-assessment process is similar to the banking “stress” tests process. All firms…

What You Need to Know About Co-Ops and Title Insurance

What You Need to Know About Co-Ops and Title Insurance


For people unfamiliar with New York City real estate, the idea of cooperative apartments (co-ops) may be completely foreign.  For New York residents, they are all too familiar.  Co-ops differ from traditional condominiums because the owners do not own real estate.  Instead, they purchase shares in a corporation that owns…

CFPB Replaces the GFE Disclosure Requirements

CFPB Replaces the GFE Disclosure Requirements


Disclosure of interest rate changes have begun and further indictments proceed August 1, 2015.  The Consumer Financial Protection Bureau’s (CFPB) Loan Estimate replaces the current Good Faith Estimate (GFE) and Truth-in Lending Disclosure for loan applications. Many changes have been indicated, but for now we are focusing on points and…

Insurance

How Title Insurance Can Protect You During Odd Circumstances


Paying for real estate with cash on new construction sounds incredibly convenient since no lender need apply.  The purchase may appear clean so, why purchase title insurance?   Many reasons exist for title insurance even for those fortunate individuals who buy their new home in cash from new construction.  Unprecedented…

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Top Seven Real Estate and Title Processing Resources


  When it comes to finding the best sources for housing statistics, real estate professionals find plenty of information from websites like Trulia and Zillow.   However, there is much more valuable information within the World Wide Web than the merger of Trulia and Zillow.  Here is a list of…

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How Does the New Consumer Finance Protection Bureau Regulations Affect the Real Estate Industry?


The Consumer Financial Protection Bureau (CFPB) came into being just over three years ago, brought into existence by the Dodd-Frank Act of 2010. The goal of having the CFPB is to protect consumers and remove marauding mortgage lenders. The mission of the CFPB is to benefit American consumers and make…

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Qualified Residential Mortgage Rules Finally Released


After three years of fervent opposition by legislative bodies, the National Association of Realtors (NAR), and industry and consumer assemblies, financial regulators approved the final version of the qualified residential mortgage (QRM). The updated rule is equivocal to the Qualified Mortgage (QM) standard.   Initially, under Dodd-Frank, consumers desiring to…