Ann Carrns – The New York Times
“Anyone who has purchased a home knows how stressful the closing of a mortgage loan can be.
A typical closing — the meeting to complete the loan — involves signing stacks of legal-size documents laden with financial jargon. Borrowers may be anxious about the amount of money involved and worry about whether they understand the forms they’re signing. Document packages can total 100 pages or more, and closings can take hours.
That’s why some lenders are starting to automate the process, using technology to create “e-closings” that require fewer paper documents.”
“The proper placement and naming convention for a survey related charge is one of the most complex in the new TILA-RESPA Integrated Disclosures (TRID) rule. Lenders and settlement agents should work closely together to understand the reason a survey is being ordered to ensure its proper placement on the new disclosures. Here are some examples of different circumstances and how they could impact the placement of the survey charge –
John Allen James – The Hill
“Fines and legal fees paid by financial institutions have risen dramatically in the past five years. Violations of regulations covering money laundering and sanctions have been extremely costly to banks, with penalties negatively impacting balance sheets and shareholders’ equity.
The Dodd-Frank Act has expanded the role and power of the federal government in corporate affairs and created a new and growing need for compliance risk management. The job of chief compliance officer, responsible for the implementation of internal and external governance policies and procedures, has grown from a clerical position to a new type of professional often reporting directly to the board and primarily responsible to the chief executive.”
Patrick Stone – Inman
“The real estate and mortgage industries need to change. There is no going back to the old normal. Some get this. Many don’t.
But the fact remains that the markets we serve and the regulatory structure in which we work have undergone a dramatic transformation.
That change has made the old way of doing things incompatible with success in the new era. This is especially true from the perspective of the title and settlement services industry.
Although this is a strong statement for a conservative industry, there are several drivers moving us away from the old way of doing things.”