Monthly Newsletter - Rhode Island Office October 2015

One State Street, Suite 600, Providence, RI 02908 1

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My lender is asking me for my NMLS ID number to fill out the Contact Information table on page 5 of the Closing Disclosure. What is an NMLS number?

Answer #1:NMLS is the acronym for the Nationwide Mortgage Licensing System & Registry. The NMLS Unique Identifier is the number permanently assigned by NMLS for each company, branch, and individual that maintains an account on NMLS. The ID number is granted to residential mortgage loan originators and companies through NMLS and allows regulators to track mortgage providers across state lines.

Chicago | Commonwealth | FidelityWHAT’S THE DEED?

Title Tid-Bit

ALTA's Best Practice Pillar 3: Information and Data Privacy requires that you protect the Non Public Information (NPI) that you have stored on the electronic equipment in your office, as well as what's in your physical files. You will learn more about exactly what that entails for smaller businesses and what lenders will be requiring from you.

Click Here to listen to a recording of this webinar on YouTube.

Webinar recording on the Importance of Data Security: What Your Lenders Will be Asking You

Housing Wire: What does a post-TRID world look like?

Click Here

It is now past October 3rd, and the sun has risen, the earth didn't crumble, and we are all still standing. Click the link below to read about how real estate and mortgage finance will be different going forward.

Generally, a settlement agent will not have an NMLS number.

12 CFR §1026.38(r)(3) governs that section of the Closing Disclosure and provides that if you do not have an NMLS ID number, you would insert into the next box your:

“license number or other unique identifier issued by the applicable jurisdiction or regulating body with which the person is licensed and/or registered, labeled “License ID,” with the abbreviation for the State of the applicable jurisdiction or regulatory body stated before the word “License” in the label.”

You would want to use either 1) your title insurance license number which you can get from the Rhode Island Department of Business Regulation or 2) your Rhode Island bar number. The directive of your lender will control.

CFPB Corner

Question #1:

One State Street, Suite 600, Providence, RI 02908 2

If you have any other questions or concerns please don’t hesitate to contact your Account Representative.

Commonwealth Land Title / Chicago Title

Maria DaSilva - maria.dasilva@fnf.com

Chicago Title Stephanie Santos -stephanie.santos@fnf.com

Fidelity National Title / Chicago Title Wendy Crossley -wendy.crossley@fnf.com

October 2015 Monthly Newsletter - Rhode Island Office

Have any Questions you would like to see in the next newsletter?

Click Here

If a loan application is received prior to October 3, 2015 and a Good Faith Estimate was provided to a consumer, should a HUD-1 Settlement Statement and Final TILA Disclosure or a Closing Disclosure be provided to the consumer when the consummation date is on or after October 3, 2015?

CFPB Corner

The new disclosures are effective for “applications” received on or after 10/3/15. If an “application” is received prior to this date the transaction would be covered by existing law, which requires the Good Faith Estimate, early TIL Disclosure, and HUD-1 Settlement Statement. The provisions regarding the new Loan Estimate and Closing Disclosure are not applicable for an “application” received prior to this date, nor can they be used prior to 10/3/15. Remember, an “application” is defined as when six items are submitted by the consumer to the creditor:

1. name,2. social security number,3. income,4. property address,5. estimated value of property and6. loan amount sought.

Question #2:

Answer #2:

Guess who!?

Can you identify the fashionista wearing jewelry in her kindergarten school photo?

Click the image below to see her bio!

Question #3: For fees that CANNOT change, is a Loan Estimate considered accurate if the amount of some fees go down?

Answer #3: Creditors are responsible for ensuring that the figures stated in the Loan Estimate are made in good faith and consistent with the best information reasonably available to the creditor at the time they are disclosed. (12 CFR §1026.19(e)(3) and Comments 19(e)(3)(iii)-1 through -3). That being said, in the TILA-RESPA Integrated Disclosure Rule - Small Entity Compliance Guide - March 2015, on page 35, the CFPB clarifies that a "Loan Estimate is considered to be in good faith if the creditor charges the consumer less than the amount disclosed on the Loan Estimate, without regard to tolerance limitations."

Maria DaSilvaNumber of Years With FNTG: 26 Years

Job Title/Description: All things Agency

Education: Bachelor of Science in Business Administration from Roger Williams University (I was planning to attend cosmetology school after high school but my mother insisted that was not an option…I owe all my success to my mom!)

Maria’s Fun Facts: • My first job was selling mutual funds, annuities and life insurance• I proudly became a US citizen on September 16, 1977• I’m an only child and never longed for siblings who would take the

attention away from me

Best memory or horror story with FNTG:

Family: Married 26 years to Adrian (we were paired as a bridesmaid and groomsman at his brother’s wedding in 1985 and have been together ever since)

Daughter – Marissa 16Son – Matthew 17

When not in the office...I can be found training to become a professional shopper

Discovering that the microwave was located in the ladies room. This was back in the early nineties when the Commonwealth office was located near the courthouse on South Main Street. Apparently that was the only plug available to run the microwave. Needless to say I ate lots of sandwiches until we moved to Smithfield.

(401)-450-3743 One State Street, Suite 600, Providence, RI 02908 maria.dasilva@fnf.com

Fidelity National Title Group Employee Bio’s Chicago | Commonwealth | Fidelity