Wonderful News - LetterTRAX is getting a makeover!
What: You will find a fresh, sleek look that is friendly and intuitive to create closing protection letters. Now you can edit, void and view the history of letters created on multiple web browsers, including Safari. The new functionality also allows for multiple recipient letters to be created at the same time.
When: A training schedule and video is available on AgentTrax. The go-live date for all CPL users is May 19, 2014.
Questions? Please contact your agency representative!
HUD Settlement Statement Info:
On November 20th, the Consumer Financial Protection Bureau released its Final Rule for integrated mortgage disclosures. Beginning on August 1, 2015, the 2010 HUD Settlement Statement will be replaced with the Closing Disclosure, which combines the HUD-1 and final Truth-in-Lending disclosure. A new Loan Estimate will replace the Good Faith Estimate (GFE) and pre-TIL. The Rule requires that the consumer receive the Loan Estimate three (3) business days after application, and the Closing Disclosure three (3) business days before closing. These disclosures, originally required by the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), represent the revision and integration of existing forms and the implementation of some new disclosure requirements set forth in the Dodd-Frank Act.
More information will be forthcoming, in the form of bulletins and webinars, but if you’d like to do some research on your own, you may use the following links to access the Final Rule, explanations of the process, and the forms themselves.
TILA/RESPA Rule page: CLICK HERE
CFPB Know Before You Owe page, with PDFs of the new forms: CLICK HERE
ALTA Webinar, New Era in Closings (originally broadcast on November 21st): CLICK HERE