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News & Press: Industry News

CFPB Publishes Alert on Wire Fraud and Final TRID Amendments

Tuesday, July 18, 2017  
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The Consumer Financial Protection Bureau recently published two important notices.

First, at ALTA's and the Title Action Network's urging, the CFPB published a consumer warning on attempts to steal consumers’ closing funds on its blog. The warning echoes the tips in ALTA's recent consumer alert along with alerts from the Federal Trade Commission, FinCEN and FBI.  TAN members sent almost 1,000 messages to 241 members of Congress asking them to reach out to the CFPB to publish a consumer alert on wire fraud.  

Second, the CFPB finalized its series of amendments to the Know Before You Owe mortgage disclosures. The 560-page amendment includes a number of helpful clarifications, but, as CFPB had earlier indicated, fails to fix the requirement which results in inaccurate title insurance pricing disclosures for consumers at closing. The CLTA has joined ALTA and other state associations in continuing to press for better disclosures.

 

California Land Title Association


1215 K Street #1816 Sacramento, CA 95814-3905
Email: mail@clta.org  |  Phone: 916-444-2647  |   Fax: 916-444-2851