Articles/News

TILA-RESPA Integrated Disclosure Rule starts Oct. 3rd

 

 

What is the Tila-Respa Rule?

                The TILA- RESPA rule consolidates four existing disclosures required under TILA and RESPA for closed-end credit transactions secured by real property into two forms:  A Loan Estimate that must be delivered or placed in the mail no later than the third business day after the creditor receives the consumer’s application, and a Closing Disclosure that must be provided to the consumer at least three business days prior to consummation (Closing).  These are provided by the creditor. 

                The Loan Estimate form must contain a good faith estimate of credit costs and transaction terms.  If any information is unknown, the creditor must disclose based on the best information reasonably available at the time the disclosure is provided to the consumer, and use due diligence in obtaining the information. 

                This change impacts the Financial Institutions and they are responsible for complying.  Thus it impacts the title companies’ interaction with them. 

 

What types of Transactions are covered?

Most closed-end consumer credit transactions secured by real property except:

                                HELOCS

                                Reverse Mortgages

                                Mortgages secured by a mobile home or by a dwelling that is not attached to real property

 

When does this start?

                This starts on October 3rd for applications taken by the creditor on or after October 3rd.

 

How will this impact SMPR clients?

Our Good Faith Estimate and our Invoice will contain a notice required under the CFPB starting Monday October 5th.  This notice is located on the right had side of both attached documents.  This reflects the premium split as CFP Reverse Split Undiscounted Loan Premium.  The rest of our notice does not change.

Click below for samples of SMPR Titles updated GFE and Invoice.

GFE – Updated

Invoice – Updated

Helpful Resources on CFPB:

Watch a brief video on what the TRID rule means to home buyers provided by:

stewart logo

 

 

The Three-Day Closing Disclosure Rule:  The borrower must receive the CD at least

three days before the closing (consummation).  Please see chart below provided by :

alta

Three-Day Rule

These quick and easy sheets will highlight the Top 5 Things that Real Estate Agents and Attorneys need to know about the CFPB changes effective October 3rd.  Follow links below:

5 Things Agents Need To Know

5 Things Attorneys Need To Know

Provided by Fidelity Title:

fidelity

 

 

 

 

 

 

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Rate & Requirement Changes for Refinances

IMPORTANT NOTICE

Requirements for reissue rate Loan Policy premiums change

 

Effective August 1, 2015 two of the requirements for the application of refinance and subordinate mortgage title insurance premium rates to a Loan Policy will change.

For all transactions closing on or after August 1, 2015 the requirements that a) there has been no change in ownership since the recording of the Deed or existing Mortgage, and b) the new Mortgage describes the same property as in the Deed or existing Mortgage, have been deleted.

The new requirements are 1) that the new loan is made by all or some of the same persons shown as owners in the Deed or shown as mortgagors in the existing Mortgage, and 2) the new loan describes all or some of the same property as in the Deed or existing Mortgage.

The requirement that the Deed or existing Mortgage have been created within the past ten years remains unchanged.

 

New reduced reissue rate Loan Policy premiums for qualified 1-4 Family property

 

New reduced premium rates have been approved for refinances of qualified 1 to 4 unit residential property, . A 30% reduction applies to a refinance with the same or an affiliate of the holder of the existing Mortgage. A 15% reduction applies to a refinance NOT with the same or an affiliate of the holder of the existing Mortgage. Additional qualifications for the reduced rates are summarized below.

  • the land is improved only by an owner occupied one to four family residential dwelling, condominium or cooperative apartment,
  • the new loan is a refinance of an existing loan by replacement with a new loan or a new loan consolidated with an existing loan,
  • the New Loan Policy is applied for at any time during the ownership of the property by the person or persons making the new loan,
  • all of the same or some of same persons executing the new loan are the same as those persons who executed the existing loan being refinanced,
  • the source of title into the parties who executed the loan being refinanced is the same as for the parties making the new loan, and
  • the New Loan Policy describes the same property or less as is set forth in the loan being refinanced.

Note that the requirement that the Deed or existing Mortgage have been created within the past ten years does not affect the application of the reduced premium rates for refinances of qualified 1 to 4 unit residential property.

Please advise SMPR of all refinance and subordinate mortgage closings taking place on and after August 1, 2015 so the invoice at closing will reflect the appropriate premium.

 

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SMPR sponsors TRID training with MBA May 12th

MBA logo

On May 12th SMPR Title is sponsoring a MBA of NENY Educational Event – TRID training for Real Estate Professionals – at Manfred Real Estate Learning Center.  This class, running from 9:00 to 12:00, will cover the regulatory changes regarding Truth In Lending, RESPA, Integrated and Disclosure Rules.  The speaker will be Bonnie Nachamie, an attorney that frequently speaks on mortgage banking issues including licensing and regulatory matters.  She has developed training programs for mortgage lenders and brokers. To find out more about our presenter, read her bio on First National Compliance Solutions website.

You can sign up for the class through the Manfred Real Estate Learning Center’s Website by clicking here or contact Jessica at SMPR via email jschul@smprtitle.com or by phone at 518.390.1382

As always, if you have any questions/concerns please reach out to any of our offices:

Albany -518.434.012

 Saratoga – 518.885.8700

Hudson – 518.828.4351

SMPRlogo small

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SMPR Sponsored CLE April 2nd – Save the Date!

**Attention Attorneys**

Save the Date

SMPR Title and First American Title Insurance Company

invite you to attend a CLE (Continuing Legal Education) Seminar

“Ethics – A Procedural Overview and Recent Decisions of Interest”

When: Thursday April 2nd, 2015

Where: The Century House – Rt. 9 – Latham

Time: 8:15 – Registration/Breakfast

  9:00 – 12:00 – Seminar

Please RSVP to Jessica Schul at jschul@smprtitle.com

no later than March 27th

First American LogoSMPRlogo small

The link to the printable PDF is below.

CLE Announcement April 2015

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SMPR Offices Celebrate American Heart Associations Go Red for Woman National Wear Red Day

On Friday February 6th, SMPR colleagues took part in the National Wear Red Day to benefit the American Heart Association and the Go Red for Women movement.  Here are the offices showing their support:

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Albany Office with partners Gene and Bob Sneeringer

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Look at all that red!

Tim Provost and Donna Redgrave supporting Go Red with the Saratoga Office

Tim Provost and Donna Redgrave supporting Go Red with the Saratoga Office

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The Hudson office posing for Jim Monahan behind the camera

To show your support or learn more about heart disease, please visit the local AMH website here!

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Albany County RP-5217 Form UPDATE

Effective immediately in Albany County, the carbon copy RP-5217 Form will NOT be accepted.

Please visit www.tax.ny.gov to download the updated PDF form.

 

The new form:

Can be downloaded from the web

Uses a 2D barcode for accurate and efficient processing

Can be saved and shared electronically

Replaces the old four-part form

 

If you have any questions/concerns please feel free to

reach out to Jessica Schul at jschul@smprtitle.com

 or the Albany Office at (518) 434-0127

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Updates on RP-5217 form

 

Over the past several weeks our colleagues have been noticing an increase in discrepancies when submitting the RP-5217 form.  Below are some helpful tips to make the process go a little smoother:

  • The Office of Real Property Tax Payer Services (OORPTPS) understands the reality of real estate closings and knows that on occasion the form will need to be amended “at the closing table”.  They have instructed County Clerks to accept “limited hand-written changes” to the printed PDF.  Acceptable changes include number values such as dates and/or dollar amount.  Other hand-written changes (such as names and addresses) are NOT acceptable.
  • County Clerks will establish their own policies on acceptable changes, and this policy may be revised over time so it is advisable to check frequently with the County web site. Every County may have different submission protocols.
  • It is also important to note that the RP must be the correct size (which is 8 ½ x 14).  If the form is not the proper size it will get rejected.

As always, please feel free to reach out to any of our offices at the numbers below or email Jessica at jschul@smprtitle.com for any further questions.

Albany – (518) 434-0127

Saratoga – (518) 885-8700

Hudson – (518) 828-4351

 

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Rensselaer County Clerk RP-5217 Update

Though the Rensselaer County Clerk’s Office started accepting the new online RP-5217 as of January 1, 2014, the Clerk’s Office was still allowing the triplicate RP-5217 to be used.

However, effective immediately the Rensselaer County Clerk’s Office is

no longer accepting the old triplicate RP-5217.

Also, it is important to note that the form
must be fully typed and that nothing can be written except on the bottom portion.

The new form can be found at our website at https://smprtitle.com/articles-news/1044/  or by visiting the NYS Department of Taxation and Finance’s website at http://www.tax.ny.gov/research/property/assess/rp5217/index.htm

Please do not hesitate to contact any of our offices with any questions or concerns

or email Jessica at jcollette@smprtitle.com

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Link for IT–2663 and IT–2664 Forms

IT-2663 Nonresident Real Property Estimated Income Tax Forms and IT-2664 Nonresident Cooperative Unit Estimated Income Tax Forms for sales or transfers taking place after December 31, 2013 but before January 1, 2015 have been posted on the New York State Department of Taxation & Finance website.

Please click HERE to access or

visit the NYS Departments of Tax and Finance for further information.

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Rensselaer County is accepting the online RP-5217

Effective IMMEDIATELY, Rensselaer County is accepting the online RP-5217.  Please visit the below website to complete and print the form.  If any further information is needed, please contact your local SMPR office.

http://www.tax.ny.gov/research/property/assess/rp5217/index.htm

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SMPR Title Agency is a New York Title Insurance company. Our Title Insurance Agency is composed of real estate experts who provide our clients with comprehensive property transaction services including: Property Title Insurance, Mortgage Lender Insurance, Title Searches and Documentation Preparation Services.

We serve the following States, Cities, Zip Codes and Counties:
New York State, Albany County, Saratoga County, Columbia County, Westchester County, Washington County, Fulton County, Troy, Saratoga Springs, New York City, Rochester, Greene County, Rensselaer County, Bronx, Livingston County, Ontario County, Schoharie County, Warren County, Kings County, Madison County, Orange County, Dutchess County, Montgomery County, New York, Monroe County, Orleans County, Rockland County, Albany, Queens County, Oswego County, Schenectady, Rensselaer, Richmond County, Nassau County, Otsego County, Hudson, Long Island, Jefferson County, Niagara County, Putnam County, White Plains, Buffalo, Lewis County, Oneida County, Upstate NY, Capital District, Poughkeepsie, Onondaga County, Schenectady County, Schoharie County, Tompkins County, Broome County, Delaware County, Schuyler County, Ulster County, Cattaraugus County, Erie County, Seneca County, Cayuga County, Essex County, St Lawrence County, Chautauqua County, Franklin County, Steuben County, Wayne County, Chemung County, Genesee County, Suffolk County, Wyoming County, Chenango County, Hamilton County, Sullivan County, Yates County, Clinton County, Herkimer County, Tioga County, Allegany County, Cortland County

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