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Another form to sign at closing

April 29, 2009 admin

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The name Countrywide Financial has been retired and Bank of America Home
Loans has taken its place.

Bank of America Home Loans has renamed its one-page loan summary presented
to borrowers the Clarity Commitment. The bank said it will contain interest
rate, terms and other details of the loan in plain language similar to the
Good Faith Estimate.

Provided both at application and at closing, the Clarity Commitment
document, says Bank of America, is available on most new purchase and
refinance transactions, including traditional and government-backed loans.

In addition, the company said it has introduced the Bank of America Home
Loan Guide as part of the new Bank of America home
loans Web
site.

By explaining key data inputs, highlighting “rules of thumb” and tips with
each step, and providing context around the results, the guide is supposed
to give consumers relevant, personalized information that helps them
understand their options and make informed decisions.

Considering RESPA changes to the Good Faith Estimate and changes to the
HUD-1 if this Clarity Commitment is really necessary. I know I would
appreciate one less form to sign at a closing.

Continuing Education for Title Agents

Free classifieds for the
Title Industry

btn_viewmy_160x33

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The name Countrywide Financial has been retired and Bank of America =
Home
Loans has taken its place.

Bank of America Home Loans has renamed its one-page loan summary =
presented
to borrowers the Clarity Commitment. The bank said it will contain =
interest
rate, terms and other details of the loan in plain language similar to =
the Good
Faith Estimate.

Provided both at application and at closing, the Clarity Commitment
document, says Bank of America, is available on most new purchase and =
refinance
transactions, including traditional and government-backed =
loans.

In addition, the company said it has introduced the Bank of America =
Home
Loan Guide as part of the new Bank of America =
home
loans Web site.

By explaining key data inputs, highlighting "rules of =
thumb" and
tips with each step, and providing context around the results, the guide =
is
supposed to give consumers relevant, personalized information that helps =
them
understand their options and make informed decisions.

Considering RESPA changes to the Good Faith Estimate and changes to =
the
HUD-1 if this Clarity Commitment is really necessary. I know I =
would
appreciate one less form to sign at a closing.

Continuing Education for Title Agents

Free classifieds for the Title =
Industry

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Main

New HUD rule

April 27, 2009 admin

This section of the report describes how HUD received comments. New rules are required to go through a comment period and this section explains how HUD complied with that requirement.

From: Federal Register / Vol. 73, No. 222 / Monday, November 17, 2008 / Rules and Regulations

II. Overview of Commenters

The public comment period on the March 2008 proposed rule was originally scheduled to close on May 13, 2008. In response to numerous requests, including congressional requests, to extend the comment period, and HUD’s desire to develop a better rule, HUD announced an extension of the comment period. This announcement was made on both HUD’s Web site and by publication of a notice in the Federal Register on May 12, 2008 (73 FR 26953). At the close of the extended public comment period on June 12, 2008, HUD had received approximately 12,000 comments. Approximately two-thirds of the comments received were duplicative or repeat comments; i.e., individuals or organizations who submitted identical or virtually identical comments. For example, members of certain trade organizations, or employees of certain companies, frequently submitted identical comments.

HUD received comments from homeowners, prospective homeowners, organizations representative of consumers, and numerous industry organizations involved in the settlement process, including lending institutions, mortgage brokers, real estate agents, lawyers, title agents, escrow agents, closing agents and notaries, community development corporations, and major organizations representative of key industry areas such as bankers, mortgage bankers, mortgage brokers, realtors, and title and escrow agents, as well as from state and federal regulators. HUD appreciates all those who took the time to review the March 2008 proposed rule and submit comments.

In addition to submission of comments, HUD representatives accepted invitations to participate in public forums and panel discussions about RESPA and HUD’s March 2008 proposed rule. HUD also met, at HUD Headquarters or at the offices of the Office of Management and Budget (OMB), with interested parties, requesting meetings as provided by Executive Order 12866 (Regulatory Planning and Review), who highlighted for HUD and OMB areas of concern and support for various aspects of the rule. All of this input contributed to HUD’s decisions that resulted in this final rule. HUD also received approximately 100 public comments that were submitted after the deadline. To the extent feasible, HUD reviewed late comments to determine if issues were raised that were not addressed in comments submitted by the deadline.

Subsequently, I will be posting comments submitted to HUD concerning the new rule so you will be able to see how your organization related to HUD in the development of the new HUD.

Continuing Education for Title Agents

Free classifieds for the Title Industry

Posted via email from Title Insurance
Continuing Ed for Title Agents

Main

New HUD rule

April 27, 2009 admin

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This section of the report describes how HUD received comments. New rules
are required to go through a comment period and this section explains how
HUD complied with that requirement.

From: Federal Register / Vol. 73, No. 222 / Monday, November 17, 2008 /
Rules and Regulations

II. Overview of Commenters

The public comment period on the March 2008 proposed rule was originally
scheduled to close on May 13, 2008. In response to numerous requests,
including congressional requests, to extend the comment period, and HUD’s
desire to develop a better rule, HUD announced an extension of the comment
period. This announcement was made on both HUD’s Web site and by publication
of a notice in the Federal Register on May 12, 2008 (73 FR 26953). At the
close of the extended public comment period on June 12, 2008, HUD had
received approximately 12,000 comments. Approximately two-thirds of the
comments received were duplicative or repeat comments; i.e., individuals or
organizations who submitted identical or virtually identical comments. For
example, members of certain trade organizations, or employees of certain
companies, frequently submitted identical comments.

HUD received comments from homeowners, prospective homeowners, organizations
representative of consumers, and numerous industry organizations involved in
the settlement process, including lending institutions, mortgage brokers,
real estate agents, lawyers, title agents, escrow agents, closing agents and
notaries, community development corporations, and major organizations
representative of key industry areas such as bankers, mortgage bankers,
mortgage brokers, realtors, and title and escrow agents, as well as from
state and federal regulators. HUD appreciates all those who took the time to
review the March 2008 proposed rule and submit comments.

In addition to submission of comments, HUD representatives accepted
invitations to participate in public forums and panel discussions about
RESPA and HUD’s March 2008 proposed rule. HUD also met, at HUD Headquarters
or at the offices of the Office of Management and Budget (OMB), with
interested parties, requesting meetings as provided by Executive Order 12866
(Regulatory Planning and Review), who highlighted for HUD and OMB areas of
concern and support for various aspects of the rule. All of this input
contributed to HUD’s decisions that resulted in this final rule. HUD also
received approximately 100 public comments that were submitted after the
deadline. To the extent feasible, HUD reviewed late comments to determine if
issues were raised that were not addressed in comments submitted by the
deadline.

Subsequently, I will be posting comments submitted to HUD concerning the new
rule so you will be able to see how your organization related to HUD in the
development of the new HUD.

Continuing Education for Title Agents

Free classifieds for the
Title Industry

btn_viewmy_160x33

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This section of the report describes =
how HUD
received comments. New rules are required to go through a comment =
period and
this section explains how HUD complied with that =
requirement.

From: Federal Register =
/ Vol. 73, No. =
222 /
Monday, November 17, 2008 / Rules and Regulations

II. Overview of =
Commenters

The public comment period on the March =
2008
proposed rule was originally scheduled to close on May 13, 2008. In =
response to
numerous requests, including congressional requests, to extend the =
comment
period, and HUD’s desire to develop a better rule, HUD announced =
an extension
of the comment period. This announcement was made on both HUD’s =
Web site
and by publication of a notice in the Federal Register on May 12, 2008 =
(73 FR
26953). At the close of the extended public comment period on June 12, =
2008,
HUD had received approximately 12,000 comments. Approximately two-thirds =
of the
comments received were duplicative or repeat comments; i.e., individuals =
or
organizations who submitted identical or virtually identical comments. =
For
example, members of certain trade organizations, or employees of certain
companies, frequently submitted identical =
comments.

HUD
received comments from homeowners, prospective homeowners, organizations
representative of consumers, and numerous industry organizations =
involved in
the settlement process, including lending institutions, mortgage =
brokers, real
estate agents, lawyers, title agents, escrow agents, closing agents and
notaries, community development corporations, and major organizations
representative of key industry areas such as bankers, mortgage bankers,
mortgage brokers, realtors, and title and escrow agents, as well as from =
state
and federal regulators. HUD appreciates all those who took the time to =
review
the March 2008 proposed rule and submit comments.

In
addition to submission of comments, HUD representatives accepted =
invitations to
participate in public forums and panel discussions about RESPA and =
HUD’s
March 2008 proposed rule. HUD also met, at HUD Headquarters or at the =
offices
of the Office of Management and Budget (OMB), with interested parties,
requesting meetings as provided by Executive Order 12866 (Regulatory =
Planning
and Review), who highlighted for HUD and OMB areas of concern and =
support for
various aspects of the rule. All of this input contributed to =
HUD’s
decisions that resulted in this final rule. HUD also received =
approximately 100
public comments that were submitted after the deadline. To the extent =
feasible,
HUD reviewed late comments to determine if issues were raised that were =
not
addressed in comments submitted by the deadline.

Subsequently, I =
will be
posting comments submitted to HUD concerning the new rule so you will be =
able
to see how your organization related to HUD in the development of the =
new HUD.

Continuing Education for Title Agents

Free classifieds for the Title =
Industry

——=_NextPart_001_0010_01C9C704.B1952CF0–

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