Law Letters
Read our views on the things that matter to you.
Department of Defense Regulations Will Require Written and Oral Disclosure for Land Loans
The DOD has issued regulations under the Military Lending Act to be effective for consumer loans to active military personnel and their dependents closed on or after October 3, 2016. The Regulations require a certain disclosure be provided both orally and in writing...
TRID Clarifications Proposed by the Consumer Financial Protection Bureau
On July 29th, 2016, the Consumer Financial Protection Bureau (CFPB) issued a proposal to clarify some of the issues/ambiguities regarding the TRID rule that have emerged in the past year. The CFPB has requested that public comments to the proposed changes be...
Texas Supreme Court Rules on Home Equity Cases
On May 20, 2016, the Texas Supreme Court ruled on two cases that impact all lenders who make Texas Home Equity Loans. The cases are powerful reminders of the importance of compliance with Texas’ Home Equity law and the potential consequences for failure to comply....
CFPB to amend TRID
Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB), recently announced that the CFPB will issue amendments to the “Know Before You Owe” Rule. Mr. Cordray anticipates that the proposed amendments will be released for public comment in late...
New Title Fee & TRID Webinar Recap
March 15, 2016 NEW TITLE FEE The Texas Title Insurance Guaranty Association (TTIGA) recently announced a new Guaranty Fee of $3 for every title policy issued in Texas, effective April 1, 2016. This fee will create a guaranty fund to pay title claims of failed title...
BairdLaw.com Temporarily Offline
You may have noticed that our website, www.bairdlaw.com, was temporarily unavailable this morning due to traffic to the website exceeding bandwidth limits. We apologize for any inconvenience this may have caused you and your operations. We are pleased that so many...
CFPB clarifies TRID
Yesterday morning, the CFPB published a notice in the Federal Register to correct a typo regarding tolerances and property taxes. This clarification from the CFPB makes clear that property taxes ARE NOT subject to tolerances. There was concern among some industry...
New Required Disclosure: Escrow Cancellation Notice
With all the focus on the TILA/RESPA Integrated Disclosures, it is easy to overlook some of the less challenging aspects of the new changes. However, it is important that every Credit Union remember that the changes that went into effect on October 3, 2015 extend...
Congress Working to Pass TRID Hold Harmless Bill
October 12, 2015 On October 7, 2015, the U.S. House of Representatives passed HR 3192 to create an official hold harmless period for TRID compliance until February 1, 2016. The bill must now be approved by the U.S. Senate. This pending legislation reinforces initial...
TRID Has Arrived!
October 1, 2015 As a reminder, this Saturday, October 3, 2015, marks the beginning of TRID. Any person applying for a residential mortgage loan beginning this Saturday must receive the new TRID disclosures. We understand the next several weeks and months will be...