The Consumer Financial Protection Bureau (CFPB) has published its enhanced public-facing consumer complaint database (Jeff Sorg, OnlineEd) – In June 2012, the CFPB launched its Consumer Complaint Database, which is the nation’s largest public collection of consumer financial complaints. In March 2015, the Bureau finalized a policy to empower consumers to publicly share their stories when they submit […]
CFPB issues proposed amendment to move TRID implementation date from August 1, 2015 to October 3, 2015 BREAKING NOW – – – (Jeff Sorg, OnlineEd) – The Consumer Financial Protection Bureau (CFPB) today issued a proposed amendment to the Know Before You Owe mortgage disclosure rule, which proposes to move the rule’s effective date to October 3, 2015. […]
The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 3, 2015 DEVELOPING STORY – – – (Jeff Sorg, OnlineEd) – Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule: […]
“Builders are reporting more serious and committed buyers at their job sites” (Jeff Sorg, OnlineEd) – The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released June 15, 2015, shows that builder confidence in the market for newly built, single-family homes in June rose five points to a level of 59 on the […]
(Jeff Sorg, OnlineEd) SF Gate is reporting that a judge has ruled Gov. Jerry Brown and the Legislature illegally raided a state fund that was created to help distressed homeowners and took $331 million to balance the budget. The article alleges that money was taken from a fund that contained California’s share of a $5 […]
Free online orientation and training course for real estate agents who still need to get ready for October 3, 2015 TRID (Jeff Sorg, OnlineEd) – When it comes to TILA-RESPA Integrated Disclosure, training is key for your real estate company’s successful transition, and to avoid delayed closings. To help get you up to date, OnlineEd is offering an […]
(Jeff Sorg, OnlineEd) – Federal agencies today issued a final interagency policy statement establishing joint standards for assessing the diversity policies and practices of the entities they regulate. Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) required the Federal Reserve Board, the Consumer Financial Protection Bureau, the […]
IRVINE, Calif. – June 4, 2015 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its Q1 2015 U.S. Home Purchase Down Payment Report, which shows the average down payment for single family homes, condos and townhomes purchased in the first quarter was 14.8 percent of the purchase price, down from 15.2 percent […]
(Jeff Sorg, OnlineEd) – There’s a lot of misinformation circulating about how the new mortgage disclosure three-day rule is going to delay real estate closings. While this could happen, it’s not as bad as it sounds. Here are the three things that could delay your closings: The APR (annual percentage rate) increases by more than 1/8 of a […]
The Consumer Financial Protection Bureau (CFPB) filed a complaint in federal district court against RPM Mortgage, Inc. and its CEO, Erwin Robert Hirt, for illegally paying bonuses and higher commissions to loan originators to incentivize them to steer consumers into costlier mortgages. The CFPB also filed a proposed order that, if entered by the court, […]