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Lawmaker demands more TRID transparency from CFPB

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Mortgage Professional America | 18 May 2016, 12:03 PM Agree 0
A Congressman says that under the CFPB’s ‘informal guidance’ on TRID rules, more than half of the country is receiving confusing information
  • Mortgage Banker | | 18 May 2016, 02:34 PM Agree 0
    On every file the borrower gets conflicting information on the LE vs. the details of transaction on the mortgage application. The LE does not take into account the aggregate adjustment, which is a congressionally mandated credit given to borrowers who have escrow accounts, so the amount of cash to close is always inaccurate on the LE. Additionally, on the new LE the gift funds are shown in a ridiculous location since the funds are not the borrower's yet. Again, creating an incorrect figure/impression of what is needed as the cash to close.
  • Soonerpepa | | 18 May 2016, 03:07 PM Agree 0
    The methodology for determining the simultaneous issuance of the owner's title insurance is absurd. Title companies in our area charge $50 for this, period! Using an amount equal to a stand alone OTP, adding the $50 simultaneous issue fee and then subtracting the LTP to come up with the simultaneous OTP amount for disclosure is moronic (at best). Another case where we are required to literally over-disclose a known fee, just like escrow setup due to not being able to disclose the aggregate adjustment. Not only are we being required to provide an inaccurate disclosure, it results in having to verify funds for closing that won't be needed. Know before you know? No!
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