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Welcome to Chicago and Commonwealth Land Title Massachusetts

We created this website for our valued Chicago Title Insurance Company and Commonwealth Land Title Insurance Company agents throughout Massachusetts.  We pride ourselves on providing our title insurance agents with the right answers, right away.

10-3-15 Itís Official!

On July 21st, the CFPB issued the final rule delaying the effective date for implementation of the TILA-RESPA Integrated Disclosures until October 3, 2015.  Click here to learn more about the delay decision.

                Delays Possible

CFPB Proposes Delay to TRID Start Date

On Wednesday, June 17th, the Consumer Financial Protections Bureau (CFPB) announced a proposed amendment to the start date of the Know Before You Owe Mortgage Disclosure rule and use of the TILA-RESPA Integrated Disclosures, pushing it back from August 1st to October 1, 2015.

The start date amendment was made after the CFPB failed to meet the 60-day notice to Congress requirement under the Congressional Review Act.  While it is only required to delay the start by two weeks because of the failure to notify, Director Cordray indicated that they would push the start back a full two months in order to “better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year” during late August and September, the time when the new rule would have had its initial impact. 

The announcement does not indicate when the extension might be approved, saying only that the public will have an opportunity to comment on this proposal “and a final decision is expected shortly thereafter.”

ALTA issued a statement by its CEO, Michelle Korsmo, who praised the CFPB for suggesting a 2-month, rather than a 2-week, extension.  She also took the opportunity to urge the CFPB to remove the ‘optional’ label of title insurance on the new TRID forms. “Telling a consumer that owner’s title insurance is ‘optional’ will mean that homebuyers may be dissuaded from purchasing the same protection that lenders receive from a title insurance policy. The CFPB’s disregard of the protections afforded by an owner’s title insurance policy is a disservice to the consumers they represent.”

While the delay is a welcome respite, we encourage our agents to continue to work toward Best Practices compliance and TRID readiness.  We will keep you informed of any new developments.



Getting ready for the TILA-RESPA Intergrated Disclosure

As you may know, changes are coming again to the HUD Settlement Statement and related closing disclosure documents. We want you to be prepared for the new rules and new forms that will go into effect on October 3rd, 2015. To that end, Sue Ellen Rogal, Underwriting Counsel in our Boston office, has put together the following memo, together with a plan for future informational bulletins and webinars. If you have any questions about the new Loan Estimate and Closing Disclosure forms, please click here to contact Attorney Sue Ellen Rogal.


It may not feel that close, but October 3, 2015 is only a few months away! On that day, the Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z) final rule becomes effective, and will apply to transactions for which the lender receives an application on or after that date. Because application of the rule, and use of the new forms, turns on the date of loan application, and not the closing date, you may still be asked to close loans after October 3rd using the current TIL and HUD Settlement Statement, if the application was submitted prior to October 3rd.

The final rule creates two new forms – the Loan Estimate and the Closing Disclosure. The Loan Estimate is a 3-page form which looks like a combination TIL/GFE. It is designed to provide consumers with information which may be helpful in understanding the features, costs and risks associated with the mortgage loan for which they are applying. The Loan Estimate must be provided to consumers no later than three (3) business days after they submit a loan application. The Closing Disclosure is a 5-page form and looks like a combination TIL/GFE/HUD. It is designed to provide consumers with information helpful to understand the costs associated with their mortgage loan. The Closing Disclosure must be provided to consumers three (3) business days before consummation. Consummation is a defined term, and it occurs when the consumer becomes contractually obligated to the creditor on the loan. (Because we don’t disburse until we record in Massachusetts, I think consummation date will equal closing date for purchases, but for a refinance, consummation may be the disbursement date. TBD)

The two new forms must be used for most closed-end consumer mortgages. It is important to note that home equity lines of credit, reverse mortgages and mortgages secured by a mobile home (or other dwelling not attached to real property) are not subject to the new rule, and will continue to use the separate TIL and HUD forms now in use. [Note: A home equity loan is subject to the new rule. The distinction is between line (open-ended, consumer writes checks in amounts that vary) and loan (closed-ended, one-time payment to consumer).] The TILA-RESPA rule does not apply to commercial transactions; it does not apply to mortgage loans made by individuals who are not considered “creditors” because they make 5 or fewer mortgages per year (i.e. mortgages given by family members).

The Consumer Financial Protection Bureau has put together several downloadable guides, together with sample forms and a disclosure timeline; you may find these on the CFPB’s website. The TILA-RESPA Integrated Disclosure rule Small entity compliance guide is a 91-page document and is written in an easy-to-read FAQ format. (No, really, I mean that!) I think this will end up being the resource we turn to when questions arise in practice. The TILA-RESPA Integrated Disclosure Guide to the Loan Estimate and Closing Disclosure forms is 98 pages long; while also easy to read, it’s more like a text book, with a little more detail. Grit your teeth and read the forms guide first – it makes the timeline and forms easier to understand and the FAQs easier to follow. Start reading now, so that when your lenders ask if you’re ready, you’ll be able to say YES!

To help with your preparation, we will be posting TILA-RESPA Integrated Disclosure facts on our Facebook page and website, and conducting a series of free webinars for our agents. Follow us at and

Our company will be issuing monthly video messages regarding the TILA-RESPA changes – follow this link to see them all.


Web Based Seminars

The TILA-RESPA Integrated Disclosures Webinar Series is here! Click here  to see the full schedule. Click here to put your email address on our evite list.

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