There are specific record retention requirements of the closing disclosure for the TILA-RESPA rule. Do your lending partners comply?

The creditor must retain copies of the closing disclosure and all related documents for 5 years after consummation.

If the creditor sells, transfers or no longer has interest in the loan the creditor must provide a copy of the closing disclosure to the new servicer.

There is no specific requirement on how the copies must be retained leaving the opportunity to streamline our lives through technology.

You can take a closer look below or to view the CFPB's Compliance guide here.

The Florida Agency Network is an industry leader in compliance. All agencies in the Florida Agency Network are prepped and ready to take on this industry game changer. It is important for your title partner to be compliant with the TRID rule once it goes into effect.

To find out more about partnering with a title agency in the network contact:

Max@FLagency.net

As it stands now, the CFPB has proposed the TILA-RESPA Integrated Disclosure (TRID) implementation date be postponed until October 3. The rule is open for public comment until July 7, 2015 leaving the industry grasping for some much needed clarity until a final rule gets locked down.
According to the Congressional Review Act (CRA), before any major new rule goes into effect Congress and the Government Accountability Office (GAO) must receive a rule report. It must contain a copy of the rule and be received at least 60 days prior to the rule taking effect. The CFPB's failure to turn in this two-page report to Congress on time is the reason for this much appreciated delay.

Stay tuned as we keep you up to date and don’t forget, the best way 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.

Find out more about partnering with an agency in the network:

Max@FLagency.net

The TILA-RESPA rule goes into effect October 3 of this year. What transactions does it apply to? It applies to almost every closed-end consumer credit transaction secured by real property. Check out what the CFPB had to say below:

In an industry that is constantly modifying it is important to partner with those who stay abreast of the changes. Title agencies that are in the Florida Agency Network (FAN) have been a part of the conversation and are ready to lead the industry through these changes. To find out more about partnering with an agency in the network contact: Max@FLagency.net

 Curious about compliance with the TILA-RESPA rule?

Check out the CFPB's site.

Imagine if you will, a 16 year-old boy working in a title company. First off, lets date it- its 1992. The operation side of a title agency is, and has always been, predominantly female. So here I am, and “runner” for the company. My mom Gail is the owner of Hillsborough Title at that time, we only had one office located in Plant City. We have staff of about 12-14 back then. Technology isn’t on the cutting edge in title in those days, so it took more people power to get he job done. Al Gore hasn’t invented the internet just yet, so to get loan packages, checks, recordings to the lenders, to the banks, and to the courthouses, it required use of a courier. That’s me. Runner boy Aaron. The only male in title. Cruising the highways and streets of Tampa Bay….in a 1992 FORD FESTIVA. Man, that may have been the hottest thing on 4 wheels. A semi would almost blow me off the road.

Here is a pic for those who don’t know what a Ford Festiva is….a CHIC MAGNET.

So driving to the banks, real estate offices, lenders, Hillsborough County Courthouse and the Polk County Courthouse, I would see the signs….ALDAY DONALSON TITLE…these guys were everywhere! So looking out for inspiration in the female dominated title world- I found who I wanted to become…Tommy Alday and Ron Donalson, Alday Donalson Title… the “guys” in title, the names on the sign- they were my mentors from afar, and had never once met. Georgia boys, family run business, with shops on every corner. But more so than that, it was “US”, a big mom and pop, local people, local owners, a business that supported its staff, its clients, and its employees. In a world full of “corporates”, Alday Donalson Title is who I modeled much of my company after.

Today, Hillsborough Title carries forward that rich tradition of a family run title agency, bringing together the beliefs and values, personal touch, and access to ownership of an Alday-Donalson Title. We’ve combined the rich tradition of top notch service with the technology, spirit and vision that has made Hillsborough Title the leader in the title insurance industry today.

Faith, Family, Friends…and Hillsborough Title a pretty close 4th… that’s the order in which we live our lives here at Hillsborough Title.

We appreciate each and every one of you who have helped us along the way, and who have made us who we are today. That’s reminded to us in the mission statement of Hillsborough Title:

Our goal is to provide the highest level of service and professionalism to our customers and clients. We wish to achieve long lasting relationships through our customers and EARN your business everyday.