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For all who attended the Round Table Discussion Thursday, Thank You for your attendance and feedback! We received an overwhelming response and interest. We also wanted to Thank our speaker Elizabeth Daniel, for sharing her expertise and insight to the changes CFPB will be instituting this year and to our marketing team for helping make the event a success. We are currently planning more events, creating educational materials and tools to be a resource for you throughout the year. Here’s a short brief on why these changes are happening, what changes to expect and when they will take affect.
Why are these changes happening?
It’s important to understand why the CFPB is making these changes and it’s simple, transparency for the client. The CFPB has conducted extensive consumer research in order to create a clean and simply organized Closing Disclosure document that serves the consumer. The changes that you’ll come to learn over the next year will be focused around the consumer experience regarding the document.
Why is it important you are informed of these changes?
The CFPB is self-funded from their own FINES. Any client can file a complaint about any part of the transaction. Fines vary from 1,000, 5,000 to 25,000 per day. It is absolutely necessary for all parties to be educated, document the transaction in detail to safeguard companies involved and yourself. They will be scouring for mistakes and will make consumer complaints their highest priority.
What can we expect to change?
There are several changes that are note-worthy and we will be going over those in detail at upcoming events, title tips and CTC blogs. One of the main changes is the HUD-1 and TIL documents will be eliminated. The document will be referred to as the Closing Disclosure, CD or CDF. Sign-up for upcoming events for a full walk through of the document. Join us on Facebook for a breakdown of title tips and need-to-know changes.
When are the changes happening?
The changes that we will be preparing you for will be in effect August 1. They will concern applications submitted on or after August 1, 2015. The good news? We have title experts digging through these documents, going to conferences and talking to industry leaders about the changes. In turn, we’ll be educating you along the way, keeping you informed and updated so when August 1st comes along you’ll be poised and ready for the change!
Join us as we prepare for these changes. Follow us on Facebook for event updates and title tips. We also invite you to join our Facebook group, CTC University: Keeping You Informed, where you’ll find valuable notes from events, title news, and FAQs that you will be able to access anywhere! Take CTC with you where ever your business takes you.
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