Prospect Mortgage to Pay $3.5 Million Fine for Illegal Kickback Scheme

The CFPB’s investigation found that ReMax Gold Coast and Keller Williams Mid-Willamette accepted illegal payment for referrals By Jeff Sorg, OnlineEd Blog (February 1, 2017) –  The Consumer Financial Protection Bureau (CFPB) on Tuesday took action against Prospect Mortgage, LLC, a major mortgage lender, for paying illegal kickbacks for mortgage business referrals. The CFPB also took

CFPB Guidance About RESPA, MSAs, Kickbacks, and Referral Fees

Violations of the Real Estate Settlement Procedures Act have resulted in more than $75 million in fines By Jeff Sorg, OnlineEd Blog (October 22, 2015) – The Consumer Financial Protection Bureau (CFPB) recently issued a bulletin providing guidance to the mortgage industry regarding marketing services agreements. The bulletin offers an overview of the federal prohibition on mortgage

CFPB Finalizes Rule to Improve Information About Access to Credit in the Mortgage Market

Bureau Takes Steps to Simplify the Reporting Process for Financial Institutions By Jeff Sorg, OnlineEd Blog WASHIGTON, D.C. (October15, 2015) – Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule to improve information reported about the residential mortgage market. The rule will shed more light on consumers’ access to mortgage credit by updating the reporting requirements

Will TRID Delay My Real Estate Closings?

The answer is NO for just about everybody.  By Jeff Sorg, OnlineEd Blog PORTLAND, Ore. (September 21, 2015) – Download our free informational poster for display or handout in your real estate office. Three things can require a 3-day delay in your closings: .PDF Version, .JPG Version     ### For more information about OnlineEd and their education for real

TILA – RESPA Integrated Disclosure – Part 5 of 5: Special Information Booklet

Special Information Booklet  (Part 5 of 5) (Jeff Sorg, OnlineEd) – A creditor must provide the special information booklet, specifically the RESPA Settlement Costs Booklet, to the consumer who applies for a consumer credit transaction secured by real property no later than three business days after receiving the consumer’s loan application. The booklet does not have

TILA – RESPA Integrated Disclosure – Part 4 of 5: Curing Tolerances

Curing Tolerances  (Part 4 of 5) (Jeff Sorg, OnlineEd) – On the Loan Estimate, certain charges are not subject to a tolerance limitation. This means that the amount charged the consumer may exceed the amount disclosed on the Loan Estimate by any amount. Examples of these charges are: Prepaid interest, property insurance premiums, amounts placed into escrow,

It’s Official! CFPB Moves TRID Implementation Date to October 3, 2015

(Jeff Sorg, OnlineEd) – The Consumer Financial Protection Bureau has issued a final rule moving the effective date of the Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures, or TRID, to October 3, 2015. The final rule issued today also includes technical corrections to two provisions of the Know Before You

TILA – RESPA Integrated Disclosure – Part 3 of 5: The Closing Disclosure Form

The New Closing Disclosure Form (Part 3 of 5) (Jeff Sorg, OnlineEd) – The Closing Disclosure integrates and replaces the final Truth-in-Lending disclosures and the RESPA HUD-1. In general, the Closing Disclosure sets forth the actual terms and costs of the transaction. The Closing Disclosure must be in writing and contain all of the information required. In

TILA – RESPA Integrated Disclosure – Part 2of 5: The Loan Estimate Form

The New Loan Estimate Form (Part 2 of 5) (Jeff Sorg, OnlineEd) – The Loan Estimate is a three-page form that replaces the initial Truth-in-Lending disclosure and the RESPA Good Faith Estimate (GFE). The purpose of this new form is to provide consumers with a good faith estimate of credit costs and transaction terms in simple

The New TILA-RESPA Integrated Disclosure – Part 1of 5: Summary and Background

The Consumer Financial Protection Bureau is requiring the use of a new TILA-RESPA integrated disclosure as of October 3, 2015 (Part 1 of 5) (Jeff Sorg, OnlineEd) – The Consumer Financial Protection Bureau (CFPB) is requiring the use of a new TILA-RESPA integrated disclosure as of October 3, 2015. In 2012, the Dodd-Frank Wall Street