Posted by ToniK on 9/14/12 9:32pm
Msg #434468

Proposed regulation to take effect 2013

I see nothing that applies to us: http://www.buckleysandler.com/news-detail/special-feature-new-cfpb-proposed-rule-combining-tilarespa-disclosures

http://www.mainstreet.com/article/real-estate/buying/cfpb-issues-new-regulations-home-mortgages

http://www.employeescreen.com/university/new-frca-forms-for-employers/ (about bgc for employees)

http://www.verifiedperson.com/

Reply by GOLDGIRL/CA on 9/14/12 11:33pm
Msg #434471

Thanks for posting all this, ToniK. Great info! n/m

Reply by NVLSlady/VA on 9/15/12 12:07pm
Msg #434502

I agree, Toni. I see that the targets are who they've always been: creditors/lenders/servicers

The Consumer Financial Protection Bureau (CFPB), as the new "sheriff" is expanding the role of the FTC - to protect consumers from fraudulent and predatory (usury) lending. By the time the transaction all rolls out to the borrower in the end (at closing), whatever "real" damage occurred in the process won't be undone or masked by another unnecessary regulation to the NSA.

Obligatory backgrounds checks might weed out some unscrupulous players in the profession, but it's acknowledged that Greed or unethical practices lay behind layers and layers of regulation - regardless of which "Good Housekeeping" seal is slapped on . . .

Reply by ToniK on 9/15/12 12:48pm
Msg #434512

This is old however I think it still applies: http://www.asnnotary.org/img/Background%20Checks%20for%20Notary%20Signing%20Agents.pdf

Reply by ReneeK_MI on 9/16/12 5:22am
Msg #434602

One grand effect for us (and consumers)

will be in the requirement for the final "Closing Disclosure" (new HUD) to be delivered to borrower 3 days prior to close. There are exceptions (of course), and I don't know what they are.

Reply by CopperheadVA on 9/16/12 5:33am
Msg #434604

Re: One grand effect for us (and consumers)

Renee, I was told this same thing by the owner of a TC I was speaking with last week. He told me TIL and HUD will be combined into one six page document and must be delivered to borrower 3 days prior to closing. He didn't mention any exceptions - I hope there won't be many. You know how they can get around that appraisal disclosure requirement by just having the B's sign a waiver. Otherwise, it sounded like a big improvement for both borrowers and notaries.

Reply by JanetK_CA on 9/16/12 4:01pm
Msg #434640

Re: One grand effect for us (and consumers)

I would love to see that, too! For a while now, when I confirm an appointment, I've been asking if they've talked to their LO yet about what to expect on the HUD (in lay terms), so that we can avoid surprises at the table. Lately, most people have been well informed; a few have already received a copy of the HUD and occasionally they already have a cashier's check or have sent a wire transfer. However, I can think of at least one person who thanked me profusely at the appointment for the suggestion because there was an issue that they were able to correct before the signing.

Conversely, just yesterday I had a situation where the borrower had been trying unsuccessfully to reach his LO for a few days. He had received the estimated HUD but thought he was being charged for things he was told he wouldn't have to pay for. We ended up pulling out cell phone calculators and, with a little guidance (not "giving advice" or "interpreting"...), we figured out that all appeared to be OK. But it took a chunk of time that wouldn't have been necessary otherwise.

I also hope that companies comply vs. trying to get around the issue with waivers, as I believe this could make things easier for us and borrowers. But I think there's also a risk that it might increase cancellations and signings being rescheduled - especially during a transition period. So I guess we'll all need to keep on our rollerskates and/or tap dancing shoes.