June 28, 2017

 

Dodd-Frank/CFPB News: ALTA, Other Housing Industry Trade Groups Call for CFPB Director to Be Replaced by Bipartisan Commission; TLTA Sends Letter in Support of Financial CHOICE Act

HousingWire | June 22, 2017
More than 20 of the housing industry’s largest trade groups, including ALTA, are calling on Congress to enact legislation that would change the leadership structure of the CFPB from a single director to a bipartisan commission. The CFPB’s concentration of power at the director position has long been a source of contention for the opponents of the CFPB.

Recently, the House of Representatives voted to pass the Republican-crafted Financial CHOICE Act, which would abolish Dodd-Frank. Dodd-Frank created the CFPB and established how the bureau would be structured. The version of the Financial CHOICE Act that passed in the House would change the structure of the CFPB to make the director fireable at will by the president, rather than for cause only, as it stands now.
 
Read the Letter (Courtesy of ALTA) »
 
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TLTA Sends Letter in Support of Financial CHOICE Act 

On Monday, May 1, TLTA sent a letter to Financial Services Committee Chairman Jeb Hensarling (R-TX) expressing our support of the Financial CHOICE Act. "We applaud your efforts to repeal and replace parts of Dodd-Frank that are holding back economic growth, particularly housing and business lending by community financial institutions," the letter stated. "We support provisions to make it easier for community financial institutions to make mortgage loans, such as the provision that would create a legal safe harbor from ability-to-repay requirements for mortgage loans that are kept on a depository institution’s balance sheet."
 
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GSE News: GSEs Delay Closing Disclosure Requirement for Uniform Closing Dataset, Fannie Mae Says Uncertainty Lies Ahead

To address recent industry concerns, Fannie Mae and Freddie Mac announced they would delay by six months the requirement for lenders to submit seller Closing Disclosure data under Uniform Closing Dataset (UCD) rules.
 
Read "GSEs Delay Closing Disclosure Requirement for Uniform Closing Dataset" (ALTA) »
 
In addition, the U.S. is embarking on its ninth year of economic expansion and Fannie Mae is predicting economic growth rebound. Fannie Mae said moderate growth is expected to continue into next year, however uncertainty in fiscal and monetary policy makes the forecast a little difficult.
 
Read "Fannie Mae Says Uncertainty Lies Ahead" (The M Report) »

Fraud News: Beware of Wire Fraud Schemes When Buying a Home

American Land Title Association | June 22, 2017
ALTA wants to make sure your customers' home purchase doesn’t get derailed by a dangerous threat that could keep them from getting the keys, painting walls and decorating. Criminals have stolen money meant for the purchase of homes through malicious wire fraud schemes targeting consumers across the country.
 
This article offers cybersecurity and digital fraud prevention tips for consumers as well as businesses.
 
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