{"id":8795,"date":"2016-01-05T13:35:27","date_gmt":"2016-01-05T13:35:27","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=8795"},"modified":"2016-01-05T13:35:40","modified_gmt":"2016-01-05T13:35:40","slug":"cfpb-moves-to-calm-fears-over-minor-closing-errors","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/cfpb-moves-to-calm-fears-over-minor-closing-errors\/","title":{"rendered":"CFPB Moves to Calm Fears Over Minor Closing Errors"},"content":{"rendered":"

CFPB Moves to Calm Fears Over Minor Closing Errors<\/h2>\n

 <\/p>\n

\"CFPB<\/a>

CFPB Moves to Calm Fears Over Minor Closing Errors<\/p><\/div>\n

 <\/p>\n

Just before the close of 2015, the Consumer Financial Protection Bureau told bankers that they won\u2019t be held liable for most minor errors in loan processing and paperwork under new mortgage disclosure rules, known as the \u201cKnow Before You Owe\u201d rule or TRID.<\/p>\n

The new rule took effect Oct. 3, 2015, and it has been blamed for causing longer closings due to concerns over minor clerical errors in Closing Disclosures. The rule requires lenders to provide borrowers with a new combined Closing Disclosure that lists all the charges, fees, and line items three days prior to closing.<\/p>\n

Richard Cordray, CFPB\u2019s director, issued a letter to the Mortgage Bankers Association on Dec. 29 that said small paperwork errors and typos in key sections of the new disclosure rules would not likely lead to lender lawsuits or regulatory punishments from federal agencies that buy the loans.<\/p>\n

\u201cWe believe that the risk of private liability to investors is negligible for good-faith formatting errors and the like,\u201d Cordray wrote to MBA. \u201cWe recognize that a certain level of minor errors in the early days of implementation is to be expected.\u201d<\/p>\n

Average closing times on loans have grown since TRID took effect, by as many as five days. The delay in closings has also led some borrowers having to pay more in loan lock fees to hold interest rates until closings.<\/p>\n

The National Association of REALTORS\u00ae recently reported that sales of existing homes dipped significantly by more than 10 percent in November\u00a0\u2013 the slowest in 19 months \u2013 due mostly to the new regulations that have been lengthening closing times. The average closing time rose to 41 days in November, up from 36 days. NAR\u2019s REALTOR\u00ae Confidence Index\u00a0showed that 47 percent of real estate professionals reported in November that they were seeing longer closing times from a year ago<\/p>\n

The new clarification from CFPB may prompt lenders to proceed more confidently.<\/p>\n

\u201cNeedless to say, we think this is a very positive development,\u201d Pete Mills, a senior vice president at the MBA, said about CFPB\u2019s recent clarification to lenders.<\/p>\n

Source: \u201cCFPB Gives Mortgage Lenders a Christmas Present,\u201d MarketWatch (Dec. 31, 2015)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

CFPB Moves to Calm Fears Over Minor Closing Errors     Just before the close of 2015, the Consumer Financial Protection Bureau told bankers that they won\u2019t be held liable for most minor errors in loan processing and paperwork under new mortgage disclosure rules, known as the \u201cKnow Before You Owe\u201d rule or TRID. The … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-8795","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nCFPB Moves to Calm Fears Over Minor Closing Errors - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/cfpb-moves-to-calm-fears-over-minor-closing-errors\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/cfpb-moves-to-calm-fears-over-minor-closing-errors\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/cfpb-moves-to-calm-fears-over-minor-closing-errors\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"CFPB Moves to Calm Fears Over Minor Closing Errors\",\"datePublished\":\"2016-01-05T13:35:27+00:00\",\"dateModified\":\"2016-01-05T13:35:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/cfpb-moves-to-calm-fears-over-minor-closing-errors\\\/\"},\"wordCount\":384,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/cfpb-moves-to-calm-fears-over-minor-closing-errors\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2016\\\/01\\\/CFPB_2tone_Horiz_RGB-1024x401.png\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/cfpb-moves-to-calm-fears-over-minor-closing-errors\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/cfpb-moves-to-calm-fears-over-minor-closing-errors\\\/\",\"name\":\"CFPB Moves to Calm Fears Over Minor Closing Errors - 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