The Future of Real Estate Closings - The Pen Will No Longer Be Mightier (Video with Related Article)

Join us for a pre-Halloween trick-or-treat, as we survey chilling topics, including: "CFPB Issues its Final TRID Rule - What does it mean; and (if applicable) what about its Director? Off to Ohio or Not?," presented by Ruth Dillingham; "Cyber Security Vigilance is Key," presented by Kosta Ligris, and "The New ALTA Commitment, "presented by Gene Gurvits.  Joel Stein will close the session with some suggestions as to ways to keep egg off your face.

Related Article

TheFuture of Real Estate Closings - The Pen Will No Longer Be Mightier by KostaLigris, Esq. July 6, 20017

The Future of Real Estate Closings - The Pen Will No Longer Be Mightier

By Kosta Ligris, Esq. @kligris

The real estate title and settlement process has resisted change and deployment of technology for years. But are we experiencing the "beginning of the end" of the real estate closing as we've known it? If you ask our friends in North Carolina, which successfully conducted its first ever "eClosing" in May 2017 the answer is clearly yes!

Aside from the reduction in paperwork, electronic closings stand to provide tremendous convenience and value to consumers. The Consumer Financial Protection Bureau ("CFPB") ran a study which

found that electronic mortgage closings can benefit the consumer. “While technology alone will not address all consumer concerns in the closing process, our study showed that eClosings do offer the potential to make the process less complex,” said CFPB Director Richard Cordray. “We expect this pilot project and its findings to help inform further innovation that will be a win-win for consumers and industry alike.”

Electronic closings will likely provide consumers with more time to review paperwork (such as lengthy loan documents), reduce the need to travel to a law firm, county registry or title company, and provide an audit trail for all the stakeholders including the consumers, lenders, insurers and regulators.

Even Fannie Mae is now accepting electronically executed promissory notes for mortgage transactions (subject to its terms and guidelines). The reality is that as electronic signature platforms continue to develop, the future of electronic closings as mainstream is imminent.

There will of course be critics, concerned with remote notarization, fraud, and cyber-crimes. But the concept and argument that "we've always done it this way" will not be upheld. As Millennials start to enter the housing market, the future is clear that Millennials hold massive buying power and are changing the housing market. They are used to conducting business on-line and via mobile apps (banking, transferring money, communicating, etc.) - the housing and mortgage industry will need to adapt for them as well. The time is now for the mortgage and title industry to prepare for the future in which the mouse and app will be mightier than the sword.

Originally published   on July 19, 2017

https://www.linkedin.com/pulse/future-real-estate-closings-pen-longer-mightier-kosta-ligris

A member of the REBA Title Insurance and National Affairs Section, Kosta Ligris is the founder, CEO and Managing Partner of Ligris + Associates, P.C.. His practice concentrates on residential and commercial real estate transactions; he represents buyers, sellers, and developers in the acquisition, sale and development of residential and commercial real estate. Kosta also serves in a general counsel capacity for certain investors and developers by providing guidance on various legal matters and coordinating representation with other lawyers and law firms.  Kosta can be contacted by email at kligris@ligris.com. 

TRID: Dialogue on Current Compliance Issues (Audio and Written Materials May 2, 2016)

Click here for the written materials (PDF)

The TRID Rider referenced in the written materials can be accessed by REBA Members at: http://www.reba.net/member-section/cfpb-resource-page/

Free ALTA Resources:

http://alta.org/cfpb/

Title Topics: TRID Electronic Collaboration
https://www.youtube.com/watch?v=QTfow3ZGSY4&feature=youtu.be

Title Topics: 5 Key Areas to Prime Your Operation for the New Closing Process
https://www.youtube.com/watch?v=Rze5WuhBz0A&feature=youtu.be

Advising Clients in a Changing Landscape: New Challenges of Residential Mortgage Underwriting

Advising Clients in a Changing Landscape:

New Challenges of Residential Mortgage Underwriting (Audio)

Shant Banosian, Brian L. Lynch, Christine J. Miele

The CFPB has utterly changed residential real estate transactions, not only with the TRID Rule for closing attorneys, but with the Ability to Repay Rule and the Qualified Mortgage (“QM”) Guidelines rules for our lender clients. Join our panel of mortgage broker underwriters for a roadmap to these new federally mandated protocols which have been in effect now since January. Any lawyer who represents buyers – or sellers – in residential transactions should attend this program.

The Impending TILA/RESPA Integrated Disclosure Rule (Audio)

The Practical effects of the CFPB’s Authority over our Lender Clients

 

 

 

Ruth A. Dillingham; Michelle L. Korsmo; Julie M. Palmaccio

The new Integrated Mortgage Disclosure rule takes effect on August 1, 2015. You must be prepared for new procedures, new documents and changes to some common business practices. The panelists will discuss issues as diverse as anticipated purchase and sale agreement revisions, the increased liability for lenders if the rule is not followed and how to set your firm apart by adoption of ALTA Best Practices.

  

CFPB: Encryption and Data Security Requirements (Audio Only)

From The 2015 REBA Spring Conference

Rick Diamond; Christopher J. Gulotta; Richard M. Reass

The CFPB, the OCC, the FDIC and the Federal Reserve requires lenders to be compliant with federal consumer protection and privacy laws. Lenders will look to conveyancing attorneys to validate their compliance with these regulations. Our panel will address how law firms can start the compliance process; implement data security controls; develop written policies; and conduct onsite security assessments. These experts will describe how to take action now to protect conveyancing practices under the new guidelines from the sophisticated scams.