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1 FINANCE HELPLINE PRESENTS: TRID WHAT TO EXPECT ON AUG. 1ST finance.car.org (213)

2 Thank you for joining the Webinar! We will begin at 11:00 a.m. Your phone will be muted, as there are hundreds of Members on the call. Don t forget to turn on your computer speakers or call in to hear the audio. You can shrink the control window by clicking on the right hand arrow. You can type your questions in the chat window and we will do our best to answer in the course of the session. Connect to the audio by 1) Teleconference: Dial (415) Access code Or 2) VoIP: Ensure that your computer speakers are on (a headset is recommended)

3 OVERVIEW Sara Sutachan Manager of Broker & Real Estate Finance Outreach California Association of REALTORS

4 THE FINANCE HELPLINE finance.car.org (213)

5 UPCOMING BACK TO BASICS WEBINAR SERIES *June 17 th or 25 th - TILA-RESPA Integrated Disclosures (TRID) - What you Need to Know Come August 1st August 12 th - Down Payment Assistance & Secondary Financing October 21 st - Repair or Rehab Issues Use (203k, Construction and Gap Financing) December 9 th - Funding and Closing Transactions - "The Art to Getting it Done" *Tentative dates for possible 2 nd broadcast of today s webinar.

6 TODAY S PRESENTERS Marvin Stone, Senior Vice President of Business Integration and CFPB Program Manager at Stewart Kenneth R. Trepeta Esq, Director of Real Estate Services at The National Association of REALTORS (NAR) For more information on speakers and bios please visit

7 Understanding the CFPB s TILA-RESPA Integrated Disclosures Marvin Stone SVP, Business Integration CFPB Program Manager Stewart Title Guaranty Corp.

8 A Brief History. Truth-in-Lending Act (TILA) of 1968 Reg Z Real Estate Settlement and Procedures Act (RESPA) of 1974 Reg X HUD-1 and GFE Update introducing tolerances 2010 Dodd Frank Act of 2010 Consumer Financial Protection Bureau (CFPB) formed in 2011

9 About the CFPB Created in 2011 as a result of Dodd-Frank Act Supervision over banks and non-banks Enforcement authority over RESPA and TILA Actively informing and protecting the consumer Enforcement actions against banks, mortgage bankers, mortgage brokers, title and settlement providers, brokerage, builders, developers, etc.

10 About the CFPB

11 Goals in redesigning disclosures Help consumers by making all forms look similar Help consumers shop for best loan Help consumers guard against hikes in charges at closing Help consumers understand future obligations Good Faith Estimate Truth in Lending HUD-1

12 Introducing TRID TILA-RESPA Integrated Disclosures Detailed Summary 7 pages Scope Loan Estimate Closing Disclosure Limits on Cost Increases Proposals Not Adopted Effective Date *Final Rule 1,888 pages

13 About the new rule(s) 1 Scope 2 Loan Estimate 3 Closing Disclosure 4 Limits on Increases a) Applications on or after 8/1/2015 fall under new rules b) Closed-end loans only - No home equity lines c) No reverse mortgages d) No mobile home loans a) Replaces Good Faith Est. / Early Truth-in-Lending b) Mortgage Broker may provide / Lender is still responsible c) Delivery must be within 3 Business Days of application d) Limitation on up-front fees with exception for credit reports e) Disclaimer on early estimates used before Loan Estimate a) Replaces HUD-1 and Final Truth-in-Lending b) Consumer must receive at least 3 business days before signing c) APR changes over limit require re-disclosure/ 3 Bus. Day wait d) Escrow may prepare and/or deliver* a) Items that generally cannot increase: a) Creditor s or broker s charges for its own services b) Charges for services provided by an affiliate c) Charges where consumer is not permitted to shop b) Other services can generally increase by 10% or less 4a Exceptions a) Consumer requests the change b) Consumer chooses their own service provider c) Information at application is/becomes inaccurate d) Loan Estimate expires 5 Not Adopted a) Re-defined All In APR b) Storage in standard, electronic machine-readable format c) Disclosure of Approximate Cost of Funds

14 So, what s different this time? 2010 HUD Change Updated form New fee roll up New tolerances CFPB Integrated Disclosures New Loan Estimate New Closing Disclosures New options to produce CD New options to deliver CD New variance in process by lender New liability under TILA New process collaboration New fee itemization New variances New delivery timeline New closing timeline New evidence of compliance demands New integration demands New education requirements

15 Loan Estimate Page 1 Transaction Information Loan Terms Projected Payments Costs at Closing

16 Loan Estimate Page 2 Loan Costs Other Costs Calculating Cash-to-Close

17 Loan Estimate Page 3 Loan Calculations Other Disclosures Contact Information Confirmation of Receipt

18 Closing Disclosure Page 1 Closing Information Transaction Information Loan Information Loan Terms Projected Payments Costs at Closing

19 Closing Disclosure Page 2 Loan Costs Other Costs Total Costs

20 Closing Disclosure Page 3 Cash-to-Close Calculations Transaction Summaries

21 Closing Disclosure Page 4 Loan Disclosures Escrow Account

22 Closing Disclosure Page 5 Loan Calculations Other Disclosures Questions Contact Information Confirmation of Receipt

23 New ALTA Settlement Statement(s)

24 New ALTA Settlement Statement(s)

25 New ALTA Settlement Statement(s)

26 New ALTA Settlement Statement(s)

27 The High Points Lenders will largely be the ones to prepare the CD Escrow/settlement will likely prepare a Settlement Statement Realtors will need to be able to explain new forms to buyers Realtors may have to get permission from buyers to release CD Builders may not allow upgrades that trigger a new 3-day wait Simultaneous Issue problem may require additional disclosures Owners Title Policy (optional) may cause buyer confusion Same day closings may be risky per some lenders Lenders are no longer allowing settlement to fix lender errors Lenders may place more focus on approved provider lists

28 TRID or RESPA/TILA Implementation Ken Trepeta Director Real Estate Services 28 6/3/2015

29 Industry Implementation Concerns Implementation Concerns New combined disclosures will require substantial technology changes As an example, Closing Disclosure does not use Series numbers from HUD-1 (1100 series for title) No distinct line for a distinct service Mortgage companies and settlement agents just overhauled their disclosure technology in 2009 for GFE and HUD-1 Employee training Costs of implementation will be substantial 29 6/3/2015

30 Timing of Closing Disclosure o Closing Disclosure: Consumer must receive three business days before consummation Unless Bona fide personal financial emergency Written statement by consumer Printed forms prohibited Not well defined- must be real crisis like imminent bankruptcy, not losing a rate lock or earnest money even. Seller must receive no later than day of consummation 30 6/3/2015

31 Timing of CD Part Two Closing Disclosure: If Closing Disclosure becomes inaccurate before closing, provide corrected disclosure at or before consummation Still must be able to inspect one business day prior to consummation Limited changes require a new three-business-day waiting period: Changes above APR tolerance Change to loan product Addition of prepayment penalty This is a change from proposed rule (that NAR fought for) Changes in dollar amounts $100 or greater would have required a new waiting period. 31 6/3/2015

32 The Big But on 3 Day Period CFPB only requires a new three day waiting period for major changes to loan terms but They make the lender ultimately responsible for everything on the CD. The Lender can t sign away this responsibility. So Lenders want to approve EVERY change to the CD which is fine if they are at the table but in many cases the ultimate lender is not and could be 1000s of miles away. 32 6/3/2015

33 Pre-Approvals Pre-Approvals can be done. One should think of the pre-approval and the LE as largely separate processes. TRID governs the LE and not the Pre-Approval LE Application defined by 6 elements: - Borrower name - Property address - Income - Estimated value of property - Social Security Number - Mortgage loan amount There is only an issue if you collect all the items for LE during the pre-approval process (including an address), then an LE must be issued. Otherwise it does not. 33 6/3/2015

34 10 Day Shopping Period We have heard about the 3 day periods but the ten day shopping period can be an issue slowing down the process. Currently- the lender orders the appraisal at application (and takes the appraisal fee). Under the rule, one cannot charge for anything more than a credit report until the customers gives their intent to proceed and they have ten days to do that upon issuance of the LE. 34 6/3/2015

35 TRID General Advice The rule will transform both the mortgage and settlement process. More than ever Realtors and other settlement service providers such as loan officers and processors with direct consumer contact will have to be on top of their clients and customers. People will need their ducks in a row well before closing. If you want to close on September 30 th pretend the closing is set for September 23 rd. Buyers, don t expect to make changes at closing. Sellers, don t do anything that would require changes at closing. 35 6/3/2015

36 More Advice The stranger the deal, the more potential for issues. The rule does not sufficiently address the unexpected. A good rule of thumb is to add 15 days to your transaction timeline. So if you close in 30 today, count on 45. If its 45, count on 60. If a problem arises that will require a change to the CD, do not wait till closing to tell the lender and settlement people. Let them know ASAP so they can get the CD changed so people do not have to wait at closing. 36 6/3/2015

37 Conclusion NAR is fighting for a true grace period and more guidance that conforms to member experience and industry practices including ensuring that consumers still can choose their settlement agents/providers. The rule implementation will begin on August 1. The three best things you can do are to keep in regular contact with the other providers, avoid last minute changes on your end, and make them avoid last minute changes on their end. 37 6/3/2015

38 QUESTIONS? Webinar Questions and Answers will be posted on «Finance Q&As» Finance.car.org

39 THANK YOU! finance.car.org downpayment.car.org (213)

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