Zillow cleared in kickback probe

The CFPB ended its investigation into whether Zillow violated an anti-kickback law with a co-marketing program for agents and lenders.

CFPB addresses ‘black hole’ in mortgage disclosure rule

The Consumer Finance Protection Bureau (CFPB) last week finalized changes to address so-called “black holes” in the “Know Before You Owe” mortgage disclosure rule. The “black holes” created ambiguity about when lenders had to tell potential borrowers about closing costs. 

Zillow: A study of market positioning

In a very crowded and confusing marketplace, defining who you are and what you represent to your customers has to be summed up with a single thought — by them, not you. This is your “position” in the marketplace. The way you outwardly portray yourself…

Understanding the CFPB and its closing disclosure: Part 3

The CFPB has stated, “The creditor must give the Closing Disclosure form to the consumers so that they receive it at least three business days before the consumer closes the loan.” The American Land Title Association (ALTA) has suggested a total of sev…

Understanding the CFPB and its closing disclosure: Part 2

The broad scope of the Consumer Financial Protection Bureau’s authority affects the way it views a real estate transaction, as evidenced by some of the new language being adopted and made part of the real estate mortgage lexicon. For instance, on CFPB-…

Understanding the CFPB and its closing disclosure: Part 1

Real estate professionals know the HUD-1 well. “Please send me an updated HUD-1” — the term rolls easily off the tongue with no hesitation. As well it should. It’s been the law of the land since 1974 when the Department of Housing and Urban Developmen…

Are you a rowboat or a sailboat real estate professional?

In the real estate industry, like many other industries, knowledge is a highly valued commodity. The accepted thinking is that the more time you have in the business, the more knowledge you have amassed, and that cumulative knowledge can be used for th…