Wednesday, May 11, 2016

STA Title Home Buyers Settlement Guide

CFPB Seeks Input on Possible Fixes to Controversial TRID

The Washington Post | May 10, 2016
A recent effort by the federal government to make the home closing process smoother and more transparent for buyers has instead turned into a quagmire of inconsistency and confusion, according to title companies and real estate agents. ALTA is committed to working with the CFPB to correct the inaccurate calculation of title insurance premiums on the mortgage disclosures when policies are issued simultaneously. Under the current rule, the calculation is inconsistent with the Bureau's mission to inform consumers about the true costs of their real estate transaction. During ALTA's Lobby Day on May 18, the title industry will encourage members of Congress to tell the CFPB to provide consumers with accurate information about title insurance costs. Help ALTA in this effort to correct the inaccurate disclosure of title fees under TRID. Become a member of the Title Action Network. It’s free and easy to join.