Everything You Need To Know About ALTA Best Practices

If it seems like you’ve been hearing more industry buzz about ALTA Best Practices recently, you’re not mistaken. Although the American Land Title Association (ALTA) first published its Best Practices in 2013, they didn’t begin to gain serious traction until 2016. Why 2016, you ask? After the Consumer Financial Protection…

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What’s Happening with TRID Under the New Administration?

Now that the mortgage industry is beginning to function more smoothly under TRID (TILA-RESPA Integrated Disclosure Rule, also known as the Know Before You Owe Rule), and with proposed changes to TRID hanging in the balance since October 2016, industry experts are left wondering what will happen next, regarding TRID, under…

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Is Your Company Prepared For E-Closings?

Since the Electronic Signatures in Global and National Commerce (E-Sign) Act became law in 2000, there’s been a lot of speculation as to when the use of e-sign and e-closing would take over as standards in the mortgage industry. At a glance, it appears that TRID compliance should have been…

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Clipping Increased Closing Costs For Title Agents

First American Title recently released their Real Estate Sentiment Index (RESI) report for 2016, and it indicates significant increases in title agents’ cost to close a transaction. On a national average, title agents reported their costs had risen by $210 per transaction in the third quarter of 2016. Regional variances…

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Massive Increases In Mortgage Defects Under TRID

Increased Mortgage Defects Under TRID

Since the implementation of the TILA-RESPA Integrated Disclosure Rule (TRID, a.k.a. the Know Before You Owe mortgage rule), both Fannie Mae and the Federal Housing Authority (FHA) have developed their own taxonomies for mortgage defects, and severity scales. Fannie Mae’s system includes 12 categories, and a more simplified severity scale.…

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