U.S. laws

Chicago’s Cook County to Test Bitcoin Blockchain-Based Property Title Transfer

Written on February 23, 2017 at 6:01 pm

Through an exclusive partnership with real estate tech startup Velox.re, Chicago’s Cook County will test the use of the Bitcoin blockchain for transferring and tracking property titles and other public records. The Cook County Recorder’s Office is the second largest such office in the United States, and it it will be the first in the  Read More Read More...

What happens now that the CFPB appealed its “unconstitutional” ruling? Compass Point on the next steps in the PHH legal battle

Written on November 23, 2016 at 9:41 am

As expected, the Consumer Financial Protection Bureau last week appealed the U.S. Court of Appeals for the District of Columbia Circuit ruling that declared the agency’s leadership structure unconstitutional and vacated a $103 million increase to a $6 million fine levied against PHH. (Source: Housing Wire, November 21, 2016, Ben Lane).  Read more. Read More...

CFPB Survives Legal Attack as Court Trims Director’s Power

Written on October 17, 2016 at 10:02 am

The Consumer Financial Protection Bureau survived a constitutional challenge and will remain in business, though a federal appeals court took away power from its director and tossed out a $109 million penalty against a mortgage company. (Source: Bloomberg News, October 11, 2016), Read more. Read More...

Thousands of ‘Underwater’ Borrowers to Get Relief

Written on April 15, 2016 at 1:48 pm

WASHINGTON — [April 14, 2016]  The Federal Housing Finance Agency said on Thursday that it would move to reduce the loan balances for thousands of borrowers who owe more than their homes are worth.  New York Times article.  Read more.  Read More...

House Committee Passes Bills to Delay TRID Enforcement, Revise QM

Written on July 30, 2015 at 6:29 pm

JUL 29, 2015 5:57pm ET, WASHINGTON — The House Financial Services Committee approved a bill that would delay the Consumer Financial Protection Bureau’s enforcement of the new TILA-RESPA integrated disclosure rules. It also approved two additional bills addressing the qualified mortgage rule and GSE executive compensation.  Source: National Mortgage News, BY JOHN HELTMAN, read full article here. Read More...

CFPB moves TRID date to Oct. 1

Written on June 18, 2015 at 10:50 am

“Administrative error” causes delay of Know Before You Owe rule.  Source: American Land Title Association (ALTA) and Housing Wire. Read More...

CFPB Fails to Comply With Congressional Review Act

Written on June 18, 2015 at 10:45 am

Consumer Financial Protection Bureau (CFPB) Misses the Mark on TRID Guidance, notes the American Land Title Association (ALTA) in its June 4th article.  Read more.  Read More...

CFPB Proposes TRID Implementation Delay Until Oct. 1

Written on June 18, 2015 at 9:58 am

“CFPB Misses the Mark on TRID Guidance,” notes ALTA.   The Consumer Financial Protection Bureau (CFPB) announced a proposal to delay implementation of the TILA-RESPA Integrated Disclosures (TRID) rule until Oct. 1. (Source – American Land Title Association, June 4, 2015) The CFPB failed to timely notify Congress under the Congressional Review Act, which requires agencies  Read More Read More...

U.S. Supreme Court: BANK OF AMERICA, N. A. v. CAULKETT (decided June 1, 2015)

Written on June 3, 2015 at 12:20 pm

BANK OF AMERICA, N. A. v. CAULKETT CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE ELEVENTH CIRCUIT No. 13–1421. Argued March 24, 2015—Decided June 1, 2015*  Read the opinion: US Supreme Court BofA vs Caulkett decided 060115. Press release issued on behalf of Community Bankers Association of Illinois. Excerpt: “The United States Supreme Court in Bank  Read More Read More...

Challenges Loom for Real Estate Industry, NAR Report Finds

Written on May 26, 2015 at 5:17 pm

The real estate sector faces a host of challenges that will require professionals in all facets of the industry to become more adaptable and agile in the coming years in order to remain relevant and competitive, according to a newly released report commissioned by the National Association of REALTORS®. Concern about the erosion of the importance  Read More Read More...