By Cynthia Belzl, RBJ VP and Operations Officer.
RBJ Software is an independently owned & operated settlement and title software development company working with escrow and title companies of all sizes for 30 years. This allows a smaller company to take advantage of technology that puts them on equal standing with larger competitors.
RBJ executive staffers are constantly attending seminars, workshops and industry-related association meetings to not only keep their software current, but to keep you abreast of changes in compliance, state-wide rules & regulations, and topics that will make your business safer and run smoother.
In mid-August, Hilda Avila, our Sales Manager from RBJ, and I attended a seminar produced by The Escrow Training Institute (ETI), a leading provider of escrow training in Southern California. The speakers were Jennifer Felten, Esq. and Michael Haas, CPA who both provided a wealth of information. The topics covered regulatory changes in our industry such as the CFPB Closing Disclosure ruling, ALTA’s Best Practices, and EIC’s Model Policy & Procedures. Some of the topics discussed at the recent ETI seminar are as follows:
CFPB Disclosure Ruling
The CFPB has posted a Disclosure comparison at: http://www.consumerfinance.gov/knowbeforeyouowe/compare/
As you know, mortgages can be complex transactions. Since consumers currently receive different, but overlapping, federal disclosure forms with the terms and costs of mortgage loans, Congress directed the CFPB to create new forms. The CFPB requires lending and closing companies to adopt these new forms effective August 1, 2015. The web page (link above) shows the before and after comparisons of the Truth in Lending (TIL) Disclosure + Good Faith Estimate forms, and the new Loan Estimate forms.
Please also refer to this document from the CFPB, “Final Rule on Simplified and Improved Mortgage Disclosures”
Another CFPB reference is titled, “What the New Simplified Mortgage Disclosures Mean for Consumers”
As we near the implementation date for the new Closing Disclosures, RBJ will take an active role in preparing its customers for the proper usage of the Closing Disclosure.
For your reference, please review the “TILA-RESPA Integrated Disclosure rule implementation”. This page has many resources that could be valuable to you.
California SB 1306 Amends Statutory Marriage Rules to clarify that laws relating to marriage and the rights and responsibilities of spouses apply equally to opposite-sex and same-sex spouses.
The new law is “marriage is a personal relationship arising out of a civil contract between 2 persons.” Also, references to “husband” and “wife” in the Family Code have been revised to “spouse.” The new bill says that California will recognize any marriage that was legally consummated under the rules of any other state.
Vesting Best Practices
Attendees were reminded at the recent ETI seminar to obtain vesting instructions, however, do not recommend vesting to your clients. RBJ automatically updated its vesting instructions form to reflect the current law regarding marriage.
“Encryption” Stands For Security
RBJ has developed new software ready to be released. It offers complete encryption for documents and data at rest and in transit using Advanced Encryption Standard (AES 256) and file transfer security using Transport Layer Security (TLS). These new encryption methods will assist you to safeguard your clients’ personal information.
For current RBJ clients, we will be announcing the roll-out of this new software and allow you to review its new design and features. We will be contacting you in the near future, so watch for our communications. Put “firstname.lastname@example.org” in your favorites list.
RBJ Software has been serving the escrow and title industry with state of the art software engineering for 30 years. Please visit our website regularly for industry related information and announcements about our improved software updates. RBJ is well known in the industry for providing exceptional customer care, personal service, and technical support.
This blog is coming to you from RBJ Software, the premier software development company for the settlement and title industries.
We take our customer care very seriously.
Cynthia Belzl, Vice President