The last thing you want is a delayed transaction while lenders begin vetting your settlement provider during a transaction. Ensure that you work with companies that pass the most rigorous of compliance tests that are vetted and verified, like Stewart’s network of Trusted Providers™.
What should you do about all of these new changes? First, set up your own team to learn the new forms and prepare for the changes. Second, meet with your lenders to learn more about the new QM rule. Third, make sure your closing partners are vetted and verified by your lenders. Finally, meet with your title and closing partners to learn about the new disclosures and improvements to the closing process.
Stewart has been at the forefront of CFPB discussions and is working with our offices and agencies so they’re prepared to help you deal with these changes. Last, but not least, Stewart also has a website with valuable CFPB-related resources in order to prepare for the new requirements.
This article is intended to provide an overview of the CFPB and pending regulations. For ?the full version of the proposed rules, visit www.consumerfinance.gov.
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