2010 RESPA Changes - Time for S'Mores?
|
Time is quickly running out to address the required RESPA compliance updates and there is a strong sense of apprehension surrounding the changes. The sheer number of changes is daunting and when coupled with ever-increasing economic pressure, (I.E. - $16k penalty per TIL violation) it is no surprise that lenders are nervous about meeting deadlines.
The new RESPA regulations are scheduled to take effect on January 1, 2010. They would mainly impact lenders by redesigning the Good Faith Estimate disclosure and the HUD-1 settlement sheet. READ MORE |
|
MDIA/TILA Disclosure Checks in ConformX
|
The Mortgage Disclosure Improvement Act (MDIA) made several changes to the Truth in Lending Act (TILA) that became effective on July 30, 2009. Some of the biggest compliance challenges associated with these changes are complying with the new tolerance and waiting period requirements.
A mortgage loan cannot be closed until seven days following the mailing
or delivery of initial disclosures. If the APR on the early disclosure
is under-disclosed by more than 1/8 of a percent and the finance charge
is under-disclosed more than $100.00, the lender must give revised TILA
disclosures to the borrower.
|
Customer Update - 2009 So Far
|
DocuTech has had a good 1st half of 2009. We appreciate the confidence you as a client have in us and respect the responsibility we have to perform for you. With that said I want to get into some of the highlights from the 1st half of the year we feel worth mentioning. We have seen our industry evolve and change in many aspects. As part of those changes we have made significant changes in certain areas to help our clients jobs become a bit easier and maintain the compliance you rely on. Some of those enhancements include MERS batch functionality, eDisclosure capability as well as Texas Loan review capability built right into our ConformX product. READ MORE |
