In remarks yesterday at the Mortgage Bankers Association’s annual convention, CFPB Director Richard Cordray stated that the CFPB may need to look more closely at vendors of software and other tools used by lenders to comply with the TILA-RESPA Integrated Disclosure (TRID) rule which became effective on October 3.

Director Cordray stated that he was “disturbed” by reports that such vendors were creating obstacles for lenders attempting to comply with the TRID rule. … Continue Reading

The CFPB has announced the participants for its mortgage eClosing pilot program, a three-month pilot set to begin later this year.  The CFPB’s plans to conduct the pilot were unveiled at a forum on the mortgage closing process held in April 2014, together with the CFPB’s release of a report on the “major pain points associated with the closing process” and guidelines for the pilot program.… Continue Reading

As we previously reported, the CFPB is moving to the next phase of its “Know Before You Owe” initiative and held a forum on the mortgage closing process in Washington, DC on April 23, 2014.  Although the CFPB promoted the event as a discussion of the findings of their consumer survey on challenges of closing on a mortgage, the forum actually focused on shifting the mortgage industry toward an electronic mortgage closing process.… Continue Reading

The CFPB has announced that it will be holding a forum on the mortgage closing process in Washington, D.C. on April 23, 2014.  The announcement states that the event will feature remarks from Director Cordray, and a discussion with consumer groups, industry representatives, and members of the public.

The CFPB has indicated that the next phase of its “Know Before You Owe” initiative is to identify ways to improve the closing process. … Continue Reading

In a notice scheduled to be published in tomorrow’s Federal Register, the CFPB is seeking information about the mortgage closing process from industry, consumers and other members of the public. 

According to the notice, because the CFPB wants “to encourage the development of a more streamlined, efficient, and educational closing process as the mortgage industry increases its usage of technology, electronic signatures, and paperless processes,” the next phase of the CFPB’s “Know Before You Owe” initiative will be for the CFPB “to identify ways to improve the mortgage closing process for consumers.”  … Continue Reading