NAILTA Responds to Third Party Vetting Company Requirements: NAILTA Responds to Third Party Vetting Company Require…

On April 13, 2012, the CFPB authored a benign looking guidance bulletin known as CFPB Bulletin 2012-03 to amplify their expectation that supervised banks and nonbanks should have an effective process… ...

nailta 257 days ago
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Call to Action! - NJAILTA Opposes HR 4323 the Consumer Mortgage Choice Act: Call to Action! – NJAILTA Opposes HR 4323 the Consumer…

There are serious efforts underway in Washington DC to give controlled business arrangements a "leg up" on your business. The House Financial Services Committee (HFSC) in Washington DC is consideri… ...

nailta 423 days ago
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NAILTA Comments on CFPB Qualified Mortgage Definition: NAILTA Comments on CFPB Qualified M…

The Consumer Financial Protection Bureau is readying its definition of qualified mortgages under the Dodd-Frank Act. NAILTA authored the enclosed letter to Director Richard Cordray to remind him that the title insurance industry, and particularly small businesses and independent title insurance agents, are concerned that a narrow definition of qualified mortgages might restrict or otherwise stunt the growth of small businesses in our industry. In addition, NAILTA asked Director Cordray to consider the fact that qualified mortgages only attain "quality" by the removal of harmful conflicts of interest such as dubious controlled b… ...

nailta 424 days ago
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CFPB releases third draft of a new Settlement Statement: CFPB releases third draft of a new…

Consumer Financial Protection Bureau (CFPB) has released the third draft of a new Settlement Statement form that combines TIL disclosures and the HUD-1 to explain final loan terms and closing costs to consumers. There are two drafts of the new, combined form, Butternut and Hemlock. CFPB is again asking for your input on how these final-stage closing forms work with the draft application form which will replace the GFE. The forms are intended to help consumers better understand the differences between their estimated and final loan terms and settlement costs. They need to hear from consumers, lenders, and settlement agents. In other words: t… ...

nailta 509 days ago
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CFPB seeks more comment on another version of HUD: CFPB seeks more comment on another…

The Consumer Financial Protection Bureau (CFPB) is asking for more feedback from their recently introduced two new HUD-1 Settlement Statement forms at their website by click here. The two prototypes they used last month displayed the final loan terms in the same format as the prototype for the disclosure consumers would receive a few days after application. This way, people could easily compare their offered and final loan terms. However, the two prototypes displayed a different set of information, the closing costs, in a format similar to the HUD-1 settlement statement that’s currently in use for closing. They have reworked it, based on th… ...

nailta 551 days ago
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Congratulations to all who participated in the formation of the New Jersey Association of Independent Land Title Agents (NJAILTA). The new Board has since approved unanimously the Bylaws, dues structure and elected officers, so they are set to move. Membership applications are now available online by clicking Join.

Nominations for the remaining At-Large Trustee positions will be accepted from any licensed New Jersey title insurance agent in good standing with the New Jersey Department of Insurance. Non-title insurance agents and/or underwriter representatives are ineligible for running for Officer positions. If you are interested in helping to lead this important organization or joining one of the committees, please contact us at info@njailta.org

For more information on NJAILTA please refer to our About Us page and for information on our next scheduled event, please contact us at info@njailta.org.

Click HERE to join the mailing list!