CONSUMER FINANCIAL PROTECTION BUREAU TAKES ACTION AGAINST REALTYSOUTH FOR MORTGAGE DISCLOSURE VIOLATIONS
FOR IMMEDIATE RELEASE: May 28, 2014 CONTACT: Office of Communications Tel: (202) 435-7170 CONSUMER FINANCIAL PROTECTION BUREAU TAKES ACTION AGAINST REALTYSOUTH FOR MORTGAGE DISCLOSURE VIOLATIONS Bureau Orders Alabama Realty Firm to Pay $500,000 WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) ordered RealtySouth, the largest real estate firm in Alabama, to… Read more »
Like the battery featured in an old television ad, the Consumer Financial Protection Bureau (CFPB) “just keeps going and going and going.” Although operating fully for only about a year, the agency has already rolled out thousands of pages of new regulations and dispensed penalties totaling nearly $2 billion—and counting.The regulations and penalties, mostly targeting… Read more »
Starting January 10, 2014, you must assess the borrower’s ability to repay for virtually all closed-end residential mortgage loans. All Qualified Mortgages (QM) are presumed to comply with this requirement. As described below, a loan that meets the product feature requirements can be a QM under any of three main categories: (1) the general definition; (2) the “GSE-eligible” provision; or (3) the small creditor provision.
ALTA’s Title Insurance and Settlement Company Best Practices are a benchmark for the real estate settlement and mortgage lending industries. They illuminate the high level of professionalism that ALTA members follow to protect consumers and businesses in the real estate and mortgage settlement.
ALTA seeks to guide its membership on best practices to protect consumers, promote quality service, provide for ongoing employee training, and meet legal and market requirements. These practices are voluntary and designed to help members illustrate to consumers and clients the industry’s professionalism and best practices to ensure a positive and compliant real estate settlement experience. These best practices are not intended to encompass all aspects of title or settlement company activity.