Marvin Stone, Senior Vice President of Business Integration at Stewart Title, addressed members of the Houston Mortgage Bankers Association at their July 8 luncheon meeting held at Maggiano’s restaurant. Stone’s presentation focused on sweeping changes to the Truth in Lending documents mandated for 2015 by the Consumer Financial Protection Agency. Originally scheduled to take effect on August 1, the changes have been rescheduled to take effect on October 3.
According to Stone, the new TIL procedures and forms will change the mechanics of the home purchase process for lenders, title companies, realtors, and consumers. “Any change to the loan could trigger a delay of three business days and changes in fees before or at closing will necessitate a new closing statement and more significant delays.”
“The full impact of these changes is not yet completely understood,” Stone said. “I believe that 92-percent of lenders, title companies, builders and realtors are prepared but there are many operational details still to be addressed.”
Stone urged lenders and title companies to come together and work very closely to smooth the transition. “Realtors are expecting the lenders and title companies to take the lead on this,” he said. “We need to set realistic expectations with realtors on the extended time frame for closing, changes, etc. so they can educate their clients.”
“We were thrilled and honored that Marvin was able to juggle his schedule to accommodate our July monthly luncheon,” said Bill Dawley, HMBA President and SVP/Residential Lending Production at Amegy Mortgage Company. “The minute the CFPB issued their bulletin on these new changes in April of 2012, Stewart Title appointed Marvin as their CFPB Program Manager. This shows you the confidence that one of the top title agencies around has in Marvin.”