“Under the new CFPB rules, about half the prospective homeowners in this country can’t get a mortgage from a bank because the new laws have greatly restricted credit access.” ─ Chris Whalen, EVP and managing director of Carrington Holding Company.
Q: Does the Consumer Financial Protection Bureau regulate title insurance agents? My understanding is, it does not, and, that being the case, I don’t understand how the agency can require agents to comply with data security and other requirements that apply to financial institutions the CFPB does regulate. A: You are correct – the CFPB… Read More »
Q: What is the required timing for providing the new Integrated Disclosures to consumers? A: Lenders have to provide the new “Loan Estimate” (combining the old Good Faith Estimate and initial Truth-in-Lending disclosures) within three business days after a borrower submits a loan application. The “Closing Disclosure” (combining the HUD-1 settlement statement and revised Truth-in-Lending… Read More »
Q: I’ve been hearing a lot about the need to encrypt e-mails in order to prevent the disclosure of sensitive, personal information they might contain. Are title agents required to encrypt their e-mails? If so, how do we go about that and exactly what information should we be concerned about protecting? A: Yes, title agents… Read More »
In that vein, Ragas’ report revealed rising prices for homes that have not been repaired since Katrina. The price of homes in fair and poor condition rose 40.6 percent to $45 per square foot in Orleans Parish last year. The price per square foot nearly doubled in the 70118 area of Uptown and was up… Read More »