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Stay Afloat Post-TRID

2015 Florida Realtors® Convention & Trade Expo


 

Each year, the Florida Realtors® Convention & Trade Expo gathers thousands of Realtors looking to up their game. This years theme is Celebration 15; the event falls on August 19-23 and is held at the Rosen Shingle Creek in Orlando, Florida. The free two-day Expo is on Thursday and Friday–all you have to do is register. There are over 30 education sessions sorted into six learning tracks–technology, broker, productivity, trends, personal growth, and continuing education. Along with the Convention, the Trade Expo has over 200 exhibitors that come packed with promotional materials and exquisite raffle prizes. This years keynote speaker is Notre Dame’s former Head Coach Lou Holtz.

On October 3, 2015 the TILA-RESPA Integrated Disclosure (TRID) rule will go into effect. The Florida Agency Network (FAN) is leading the industry through uncharted waters to the new disclosures. Title agencies in the FAN network are prepped and ready to keep you afloat before, during, and after these industry changes. Join us at booth 625 as we say Bon Voyage to the HUD-1 and celebrate the implementation of the new Closing Disclosure (CD). Get social with us and enter to win an Apple iWatch!


What is TRID?

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The TILA-RESPA rule (TRID)– is meant to make the disclosure documents used during a transaction more consumer friendly and to move the industry towards a paperless transaction. The rule combines the current four disclosures. Check out the CFPB’s break down below:

2.1

Don’t recognize the new Jargon? Here is a handy chart to help with the transition: 

 New Jargon

To find more specifics visit:

www.closing-disclosure.com

www.cfpb.gov


Stick Around For Our Countdown!

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The industry’s much anticipated delay to implement the TILA-RESPA Integrated Disclosure (TRID) was announced last week. The new regulation had the initial launch date set to be August 1, 2015 but has now been pushed back later this year to October 1.

The Consumer Financial Protection Bureau’s Director, Richard Cordray stated, “We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks.” Whatever the reason the industry as a whole seems to have let out a huge sigh of relief.

These new documents are meant to be more consumer friendly by consolidating the TILA-RESPA forms and making them easier to understand. The new regulations give the consumer more time to review the total costs of their mortgage and to ask any questions they may have in regards to their loan terms. The Loan Estimate is due to consumers three days after they apply for a loan, and the Closing Disclosure is due three days before closing. These two requirements along with software compliance and security issues have thrown the industry into a frenzy as they try to comply by the deadline.

The best thing you can do to prepare yourself is to join the conversation. In an ever changing industry it is important to partner up with a title agency that has aligned and complied with the new regulations. Agencies powered by the Florida Agency Network (FAN) are prepped and ready to lead the way during this immense industry change. Tuesday, June 23, 2015 will mark the 100 day countdown until the CFPB’s implementation of the TRID.

 It’s going down  —  10.01.15  —  Stick around for our countdown!  

Please Note: Since posting the CFPB has submitted an amendment to their proposal further delaying the effective date to October 3.


It’s Goin’ Down!

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Due to lack of preparedness in the industry, CFPB has delayed implementation of the TILA-RESPA Integrated Disclosure (TRID).

It’s important to partner up with a title agency that is ready for the up coming industry changes. Title agencies powered by the Florida Agency Network are compliant, trained and ready to take on these industry changes.

It’s going down on Oct. 1, stick around for our countdown!

Find out more about partnering up with a title agency powered by the the network : Max Jackson at max@FLagency.net

Please Note: Since posting the CFPB has submitted an amendment to their proposal further delaying the effective date to October 3.


Bella Title latest member of Florida Agency Network

January 26, 2015

www.thetitlereport.com

Volume 16, No. 6

Bella Title is the first acquisition by the Florida Agency Network (FAN) of 2015, as part of its statewide expansion. The network has a staff of more than 200, 3 real estate attorneys on staff and 27 locations throughout central Florida. Last fall, two of the top title insurance companies in Florida, the Hillsborough Title (HT) family of companies and Trident Title, joined forces to create the Florida Agency Network. With the coming changes in the industry Hillsborough Title CEO and President Aaron Davis said he saw a need to become a statewide player.

Bella Title is the 11th member to join the network, among the ranks of: Hillsborough Title, Tampa Bay Title, Paramount Title, Homeplus Title, Cornerstone Title, Uptown Title, Trident Title, Progressive Title Solutions, Performance Title & Escrow and CU Title. HT also recently opened a new REO division. FAN welcomed Mica Butterwood to the team with the Bella Title acquisition. Butterwood will serve as relationship manager of the northern Hillsborough County territory. Butterwood is the owner and operator of Bella Title. 

READ THE FULL ARTICLE

 

 


Breaking News from Bank of America

Excerpted from Bank of America memo to Settlement Industry

 

CFPB Integrated Mortgage Disclosures – The Closing Disclosure & Closing Insight™

To: Settlement Agents

Bank of America continues to prepare for the Consumer Financial Protection Bureau’s (CFPB) Integrated Mortgage Disclosures rule under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z) that go into effect August 1, 2015. With less than a year before the implementation date, we have started to share information with the settlement agent community about the rule and will now begin to share how the rule will change the way you work with us.

Bank of America will use Closing Insight™, an industry tool developed by RealEC® Technologies, to support the implementation of the CFPB’s Integrated Mortgage Disclosures rule.

What is changing with how you work with Bank of America?

  • All documents, data, and information will be exchanged through Closing Insight™. This will discontinue the use of email, fax, and other document delivery methods to ensure that non-public personal information (NPPI) is always protected.
  • After working with the settlement agent to finalize and confirm all fees, Bank of America will generate the buyer/borrower Closing Disclosure. For purchase transactions, settlement agents will continue to generate the seller’s Closing Disclosure.
  • To ensure receipt three business days prior to loan closing, Bank of America will take responsibility for delivering the buyer/borrower Closing Disclosure. In addition, a copy of the final Closing Disclosure will be included with the loan documents to be presented to the buyer/borrower at closing.  For purchase transactions, settlement agents will continue to deliver the seller’s Closing Disclosure.
  • The requirement for the buyer/borrower to receive the Closing Disclosure three business days prior to loan closing will intensify the need for Bank of America to work very closely with the settlement agent to schedule the details of the signing/closing.

Bank of America will continue to work through all that is needed to meet both the requirements of the regulation and continue to deliver an exquisite experience for our mutual customers. We will share more information in the coming months as it becomes available. In the meantime, please submit any questions or feedback you may have regarding how Bank of America will expect you to handle transactions after August 1, 2015 to  Integrated.Disclosures.Feedback@bankofamerica.com.

For more information about RealEC® Technologies or Closing Insight™, please visit their website at www.bkfs.com/realec. In addition, many Title & Escrow production systems are working with RealEC® Technologies to enhance current integrations in support of Closing Insight™. For more information about how or if they plan to support Closing Insight™, reach out to your provider directly.

Thank you for your partnership.


Title CEO Aaron Davis' Crystal Ball: What he knows could save your agency!

Podcast with Aaron Davis, CEO of Florida Agency Network

Is there such a thing as “self-certification?” 

I chat one-on-one with Aaron Davis, fast-moving CEO who grew Hillborough Title into the FloridaAgency Network–the state’s 4th largest privately owned agency. On tap is the ongoing conversation about certification–will ALTA Best Practices be enough? Can agents afford to pursue SOC II certification? Can they afford not to? Aaron also shares his thoughts on protecting NPI, “self-certification” and the future success of the small agent.

 

LISTEN NOW

 

Follow Robert Reich on his Twitter account (@RobertLReich) or the NextDeal on their Twitter account (@NextDealDigDocs).

 

 


Flood Zone Information

Getting Your Flood Map

Here are some very basic instructions on how to access your county’s flood maps:

Hillsborough County

  1. Open this link and click “View your property on the current online searchable flood map viewer.”
  2. Enter your address in the boxes, making sure to follow the on-screen directions exactly as the program is complex.
    HC Screencap
    Hillsborough County Website
  3. Once you’ve identified your map segment and opened the map, you’ll see a satellite image of your location. Click on the parcel closest to your home and a list of information about your property will come up. All of your flood data is in there.

Pinellas County

  1. Open this link to be taken to Pinellas County’s Flood Maps Page. When there, click on “Flood Zones – Flood Insurance Rate Maps.”
  2. Once at the FEMA Map Service Center, enter your address in the box on the left hand side of the page. Be sure that the “Product” dropdown says “Flood Maps.” (Your popup blocker must be off.)
  3. In the new window, the map will zoom directly to your property with a link to the Flood Insurance Rate Map (FIRM). Click that link.
  4. A window will open with that segment of the map. Click on the magnifying glass to view the map.
  5. The interactive map will pop up, showing you the various classifications the land surrounding your property as well as your property. (Legend included at bottom of post.)

Pasco County

  1. Pasco County’s website directs you to the FEMA Map Service Center.
  2. Once at the FEMA Map Service Center, enter your address in the box on the left hand side of the page. Be sure that the “Product” dropdown says “Flood Maps.” (Your popup blocker must be off.)
  3. In the new window, the map will zoom directly to your property with a link to the Flood Insurance Rate Map (FIRM). Click that link.
  4. A window will open with that segment of the map. Click on the magnifying glass to view the map.
  5. The interactive map will pop up, showing you the various classifications the land surrounding your property as well as your property. (Legend included at bottom of post.)

Polk County

  1. Polk County’s website directs you to the FEMA Map Service Center.
  2. Once at the FEMA Map Service Center, enter your address in the box on the left hand side of the page. Be sure that the “Product” dropdown says “Flood Maps.” (Your popup blocker must be off.)
  3. In the new window, the map will zoom directly to your property with a link to the Flood Insurance Rate Map (FIRM). Click that link.
  4. A window will open with that segment of the map. Click on the magnifying glass to view the map.
  5. The interactive map will pop up, showing you the various classifications the land surrounding your property as well as your property. (Legend included at bottom of post.)

Manatee County

  1. Manatee County’s website directs you to the FEMA Map Service Center.
  2. Once at the FEMA Map Service Center, enter your address in the box on the left hand side of the page. Be sure that the “Product” dropdown says “Flood Maps.” (Your popup blocker must be off.)
  3. In the new window, the map will zoom directly to your property with a link to the Flood Insurance Rate Map (FIRM). Click that link.
  4. A window will open with that segment of the map. Click on the magnifying glass to view the map.
  5. The interactive map will pop up, showing you the various classifications the land surrounding your property as well as your property. (Legend included at bottom of post.)

Hernando County

  1. Hernando County’s website directs you to the FEMA Map Service Center.
  2. Once at the FEMA Map Service Center, enter your address in the box on the left hand side of the page. Be sure that the “Product” dropdown says “Flood Maps.” (Your popup blocker must be off.)
  3. In the new window, the map will zoom directly to your property with a link to the Flood Insurance Rate Map (FIRM). Click that link.
  4. A window will open with that segment of the map. Click on the magnifying glass to view the map.
  5. The interactive map will pop up, showing you the various classifications the land surrounding your property as well as your property. (Legend included at bottom of post.)

Highlands County

  1. Highlands County’s website offers no links to mapping services. Therefore, the FEMA Map Service Center will be provided.
  2. Once at the FEMA Map Service Center, enter your address in the box on the left hand side of the page. Be sure that the “Product” dropdown says “Flood Maps.” (Your popup blocker must be off.)
  3. In the new window, the map will zoom directly to your property with a link to the Flood Insurance Rate Map (FIRM). Click that link.
  4. A window will open with that segment of the map. Click on the magnifying glass to view the map.
  5. The interactive map will pop up, showing you the various classifications the land surrounding your property as well as your property. (Legend included at bottom of post.)

FEMA Map Legend

Taken from Pasco County’s incredibly helpful website:

Zones designated as AE, A, AH or AO Zone. These properties have a 1 percent chance of flooding in any year and a 26 percent chance of flooding over the life of a 30-year mortgage.

VE or V Zones. These properties also have a 1 percent chance of flooding in any year and also face hazards associated with coastal storm waves.

High-risk areas are called Special Flood Hazard Areas, and flood insurance is mandatory for most mortgage holders.

Low or Moderate Flood Risk

Shaded X Zone. These properties are outside the high-risk zones. The risk is reduced but not removed.

X Zone. These properties are in an area of lower risk.

Lower-cost preferred rate flood insurance policies (known as Preferred Risk Policies) are often an option in these areas.