The president of the American Land Title Association, Diane Evans, gave testimony May 14, 2015 before the Housing and Insurance subcommittee of the House Committee on Financial Services, asking to allow accurate disclosure of title fees on the new Closing Disclosure. The requirements now for disclosing title fees do not work with the way Florida and twenty other states charge for title insurance. We will be forced, after August 1, 2015, to inaccurately disclose our fees by ignoring Simultaneous Rate for the loan policy and instead charging full rate offset by a Seller credit (if the seller is paying for the owners policy of title insurance). Also, the request has been made for the CFPB to allow a period of restrained enforcement of the new rules until January 1, 2016 to allow the lending industry to adapt to the new rules without fear of non compliance.
Posted in Phil's Corner.