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We welcome the California Escrow Association - Education Committee to our blog today with a discussion of the new CFPB regulations in California.
HUD announced in a bulletin dated August 26, 2014 (see link below), in response to new CFPB regulations, that the requirement for collection of “Post Pay-off Interest” on FHA loans has been removed. The change has recently become a topic of discussion because it applies to loans that are…READ MORE
We welcome back our blog contributor PJ Garcia of Beach Escrow this week to discuss the upcoming changes to real estate settlement statements for California consumers this week.
Did you know that the HUD-1 Settlement Statement (HUD-1) is being retired? The Legislature specifically directed the Consumer Financial Protection Bureau (CFPB) to integrate the disclosures required under the Truth in Lending (TILA) and Real Estate Settlement…READ MORE
On occasion questions come from the escrow community on certain situations that escrow agents find themselves in, involving the transfer of business assets and navigating through the CA UCC Code, under Division 6, Bulk Sale.
The questions come in various forms, typically involving a business asset sale and transfer through escrow. The transactions can involve business assets only or business assets with a Liquor License, but the scenario…READ MORE
The US Court of Appeals for the Second Circuit issued a decision last week that may affect how secured parties authorize third parties to terminate financing statements after a mistakenly authorized UCC termination statement cost the secured party $1.5 billion.. Read the Reuters report here and click here to read the decision.
This decision underscores the value of UCC lien monitoring services: where secured parties can monitor their…READ MORE