Updates on CFPB

Preparing to use Closing Insight

Dear Fund Member:

It is now less than 60 days before August 1, the effective date of the new TRID/CFPB rules. If you know what this means, then you are very busy planning for the new procedures and forms. If you handle residential real estate closings with new mortgage loans and you DON’T know what this means, please call me!

I spent several days last week in Washington DC at the Federal Conference for the American Land Title Association. There were presentations on several different aspects of the new rules but nothing really “news breaking” for me to pass along; however, I did learn a little more about the CFPB complaint process (which I will share with you in a future email). My general sense is that we are all ready for August 1 to get here so that we can see how the new process and forms will work in the real world. Then perhaps the real work begins...

My offer of helpful information this week has to do with Closing Insight™. Several of the larger residential lenders have announced that they will utilize Closing Insight™ (a software platform) to transmit information and loan documents between lender and Settlement Agent. Settlement Agents must register with Closing Insight™ so that Closing Insight™ will “recognize” you as an authorized user and allow information to flow between you and the lender for your closing. The registration process is not difficult but requires that you devote approximately 30 minutes to this process.

Closing Insight™ and DoubleTime will not be “integrated” as of August 1, 2015 so initially (until integration is completed) you will access Closing Insight™ through their web portal (and not directly through DoubleTime.) Do not be concerned! You will have full access to Closing Insight™ and will be able to communicate with the lender.

You should add registration with Closing Insight™ to your list of things to do prior to August 1, 2015. Posted on the Readiness page are two documents that you might find helpful in the registration process: Registration FAQs and a Settlement Agent Self Registration Guide. Closing Insight has established an email to which you can send questions: support@realec.com

There are three webinars offered in June by RealEC® Technologies on Closing Insight™. You can visit the webinar page to register today or the Readiness page.

The Fund will soon identify someone here at Headquarters that can assist you with questions about registration. In the meantime, you can contact me.

I hope you have found this information helpful. Thank you for your support of The Fund!

Best Regards,

Melissa Jay Murphy
Senior Vice President and
General Counsel