CFPB & Real Estate Pros
We care about your client’s closing just as much as you do.
Our diverse staff members have backgrounds as builders, real estate agents, loan originators, and of course, home buyers and sellers themselves. And now, they have thorough training in CFPB interpretation. Our goal is to ensure that closings in the new rule era are as smooth, predictable, and timely as they were before, so we’ve made sure to take extra steps in preparation for the TRID changes coming our way.
Take for example our Lender Roundtable, below, in which we gathered some of the region’s leading financial experts for an informed discussion on CFPB interpretation, and the increased level of collaboration that will be required of lenders, realtors, and title companies in the future.
CFPB Lender Roundtable
October 3, 2015: on that date an entire new array of federal residential lending regulations developed by the Consumer Financial Protection Bureau take effect. The point of all of this oversight is to protect consumers in the financial marketplace. The CFPB’s way of protecting consumers is by ensuring that they have enough time to understand the information surrounding their closing transaction. It is hoped that this extra time and understanding will safeguard them from unfair and deceptive trade practices.
Things get interesting in the fines: violation of these new regulations will result in fines of up to $1,000,000.00 per day. Because the CFPB maintains jurisdiction over lender compliance, the regulations place the liability for violation of these new regulations upon the lender. These regulations are a major change for lenders and are causing a great deal of consternation in the entire real estate industry as we all work to meet these very strict requirements.
Luckily for buyers and sellers, realtors, and financial professionals, Commerce Title is prepared to deal with these changes. Our attorneys and support staff have undergone training to ensure a smooth transition after the new rules go into affect. In fact, Attorney Niki Beeson has taught and written extensively on the new rules and is available to assist if you have any questions.
In the meanwhile, check out some of the helpful resources we’ve developed for CFPB/TRID rules.