THE NEW TILA/RESPA INTEGRATED DISCLOSURES

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "THE NEW TILA/RESPA INTEGRATED DISCLOSURES"

Transcription

1 THE NEW TILA/RESPA INTEGRATED DISCLOSURES IN PLAIN ENGLISH TRID Workshop Finals E F F E C T I V E A U G U S T 1, *PROPOSAL PENDING TO DELAY EFFECTIVE DATE UNTIL OCTOBER 3RD, 2015

2 WHAT YOU WILL LEARN The basics Coverage Exemptions Effective immediately Key definitions The new integrated disclosure forms Formatting Rounding Preliminary worksheets Record retention Disclosure and fee timing E-SIGN applicability Intent to proceed How to complete the new Loan Estimate How to complete the new Closing Disclosure Additional considerations Workshop 2

3 WHAT IT S ALL ABOUT Out with the old, in with the new Loan Estimate GFE and the early TIL Closing Disclosure HUD-1/1A and Final TIL RESPA vs. Regulation Z Look to Regulation X (RESPA) for completing current (2010) forms Look to Regulation Z for completing new forms Private right of action RESPA vs. Regulation Z 3

4 REGULATORY CHANGES TriNovus, LLC, A Temenos Company Regulation Z (12 CFR 1026) Coverage Definitions Exemptions General Disclosure Requirements Content of Disclosures Certain Mortgage and Variable Rate Transactions Disclosure Requirements Regarding Post-consummation Events APR Accuracy Advertising Record Retention Loan Estimate Closing Disclosure Scope Appendix D Construction Advances Appendix H Closed end Forms and Clauses RESPA (12 CFR 1024) Coverage Mortgage Servicing Scope Mortgage Servicing Transfers Appendix A Instructions for Completing the HUD 1/1A Appendix B Illustrations of Requirements of RESPA Appendix C Instructions for completing the GFE 4

5 COVERAGE Coverage Closed end loan secured by real property Except Reverse mortgages subject to Does not apply to: Mobile home only loans No dirt HELOCs Acreage of any amount for business purpose Which applications Applications received on or after August 1, 2015 Proposal pending to change effective date to October 3rd, 2015 Applications received prior to effective date that are consummated, withdrawn or cancelled Generally, must use new forms May not use before effective date May use for non-covered transactions If new form is not required, use current GFE/HUD and TIL, as applicable 5

6 NOT EXEMPT FROM NEW FORMS NOT exempt: Loans on secured properties covering 25 acres or more that are for a consumer purpose Personal, family or household purposes Vacant land Construction only loans Regardless of transfer of title to the first user Certain trusts Consumer purpose Personal, family or household trusts established for tax or estate planning purposes is considered to be extended to a natural person rather than to an organization even if a legal entity 6

7 EFFECTIVE IMMEDIATELY (AUGUST 1, 2015*) Regardless of when the application was received, may not: Impose a fee before Loan Estimate or GFE (as applicable) has been received by consumer and intent to proceed indicated May charge reasonable credit report fee Must document the intent to proceed No model form No collecting post-dated checks or credit card numbers in advance for other fees or charges Provide written estimate of terms or costs before consumer receives Loan Estimate unless provide written statement informing consumer terms and costs may change Must use language in Model form H-26 Require consumer to submit documents verifying information before providing Loan Estimate or GFE (as applicable) *PROPOSAL PENDING TO DELAY EFFECTIVE DATE UNTIL OCTOBER 3RD,

8 KEY DEFINITIONS Application 1. Name 2. Monthly income 3. SSN 4. Property address 5. Estimated value of the property 6. Loan amount Triggers timing for Loan Estimate disclosure No additional items permitted to be considered an application for triggering requirement to provide LE May add additional requirements for credit-decisioning But not for providing the Loan Estimate Be sure to update your policy and procedures 8

9 WHAT IS AN APPLICATION? TriComply TRID Quick Compliance Guide TriNovus, LLC, A Temenos Company 9

10 KEY DEFINITIONS Business Day Different definitions apply Loan Estimate Provide Loan Estimate/Revised LE Any day in which creditor s offices are open to public for carrying out substantially all of its business functions Receive at least (7) Business Days prior to consummation All calendar days except Sundays and legal public holidays Closing Disclosure All calendar days except Sundays and legal public holidays Rescission definition of a business day 10

11 KEY DEFINITIONS Consummation Consumer becomes contractually obligated to the creditor on the loan Based on State law vs. Closing Generally, when documents are signed by the consumer Could be same as consummation => check State law Generally, dates under TRID are tied to consummation date Closing date on CD enter consummation date Know your state law definitions 11

12 KEY DEFINITIONS Finance charge Finally, a break no changes! 12

13 KEY DEFINITIONS Product Comprised of (2) features Description of loan features that may change the periodic payment Disclose only the first applicable loan feature in the order the following features: Negative amortization Interest only Balloon payment Step payment Seasonal payment Description of the interest rate Adjustable rate Stepped rate Fixed rate Except for Seasonal payment and Fixed rate, description must be preceded by the duration of any introductory rate or payment period, and the first adjustment period, as applicable Examples 5/3 Adjustable rate (if no loan feature and only interest rate feature with introductory period) 0/3 Adjustable rate (if no loan feature and no introductory period) Fixed rate (if no loan feature) 5 Year Interest Only, Fixed Rate (with loan feature) Year 7 Balloon Payment, 3/1 Step Rate Rounding rules apply: > 24 months, use years up to (2) decimal points (e.g., 66 months = 5.5 years < 24 months, not whole years, use mo. (e.g., 18 mo./18mo. Adjustable Rate 13

14 FORMATTING Standard forms required Loan Estimate baseline Model Form H-24 Closing Disclosure baseline Model Form H-25 Additional standard forms provided for permissive changes Clear and conspicuous (legible and in a readily understandable form); in writing; and grouped together, segregated from everything else, and provided on (physically) separate pages that are not commingled with any other documents or disclosures, including any other disclosures required by State or other laws State law disclosures must be physically separate from LE/CD May not include is same pdf file May not include any other information unless expressly permitted 14

15 FORMATTING Must use designated order and grouping May omit certain non-applicable sections May not omit all, even if not applicable So... Check twice before you do! Some items are to be left blank if not applicable Some require enter zero 0 if not applicable Rounding rules TriComply TRID Quick Compliance Guide Page Options More on that later when we get to the actual forms Addenda Very limited circumstances where an addendum is permitted Must have format similar to LE/CD Must use same terminology as in applicable section TriComply TRID Quick Compliance Guide 15

16 FORMATTING Who writes this stuff? TriNovus, LLC, A Temenos Company (4) ROUNDING (i) Nearest dollar. (A) The dollar amounts required to be disclosed by paragraphs (b)(6) and (7), (c)(1)(iii), (c)(2)(ii) and (iii), (c)(4)(ii), (f), (g), (h), (i), and (l) of this section shall be rounded to the nearest whole dollar, except that the per diem amount required to be disclosed by paragraph (g)(2)(iii) ) of this section and the monthly amounts required to be disclosed by paragraphs aphs (g)(3)(i) through (iv) of this section shall not be rounded. (B) The dollar amount required to be disclosed by paragraph p (b)(1) of this section shall not be rounded, and if the amount is a whole number then the amount disclosed shall be truncated at the decimal point. TriComply TRID (C) The dollar amounts required to be disclosed by paragraph Quick (c)(2)(iv) of this section shall be rounded to the nearest est whole dollar, Compliance if any of the component amounts are required by paragraph (o)(4)(i)(a) of this Guide section to be rounded to the nearest whole dollar. (ii) Percentages. The percentage amounts required to be disclosed under paragraphs (b)(2) and (6), (f)(1)(i),), (g)(2)(iii), (j), and (l)(3) of this section shall not be rounded and shall be disclosed up to two or three decimal places. The percentage amount required to be disclosed under paragraph (l)(2) of this section shall be disclosed d up to three decimal places. l If the amount is a whole number then the amount disclosed shall be truncated at the decimal point. Watch for what is rounded and what is not Always be careful on escrow payments Rounding up a cushion could cause a violation 16

17 FORMATTING: PRELIMINARY ESTIMATES/WORKSHEETS Preliminary worksheets or estimates May provide preliminary worksheet or estimate Must avoid worksheets that could create confusion and cause the consumer to think it is the Loan Estimate form Expressly prohibited to use model Loan Estimate form headings, content and format substantially similar Mandatory disclosure - H-26 Clear and legible text and uses the required formatting, including bold font Must be on the top of the page May not be smaller than 12-point font Changes that are not expressly permitted may cause loss of protection from civil liability under TILA Model Form H-26: Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan. 17

18 RECORD RETENTION Loan Estimate Must maintain records of compliance with LE for (3) years after the later of: Date of consummation, Date disclosures are required to be made, or Date the action is required to be taken Closing Disclosure Must maintain records of compliance with CD for (5) years after consummation Includes all documents related to CD Transfer of Servicing If sell, transfer or otherwise dispose of interest in a mortgage and no longer services the loan, Must provide a copy of Closing Disclosure to new servicer as part of loan file New servicer required to retain CD for remainder of 5-year period Originator must still retain for 5-year period after consummation You may retain records by any method that reproduces the disclosures and other records accurately 18

19 TIMING GENERAL RULES TRICOMPLY TRID QUICK COMPLIANCE GUIDE Application Initial Loan Estimate Impose Fees/Charges Revised LE Receive (6) Items, LE triggered Must be delivered or placed in mail within (3) business days of application Must provide LE and receive intent to proceed before charging any fee other than a credit report fee Generally, within (3) business days of valid changed circumstance; Consumer must receive no later than (4) business days prior to closing; May not provide once CD is issued Closing Disclosure Must be received at least (3) business days prior to closing Revised CD Right to inspect CD Must be received at least (3) business days prior to closing if: > APR out of tolerance, add prepayment penalty or product change; > Else, at or before closing for all other changes Changes post closing = Provide within 60 days (30 days to find issue) Consumer may request to view (1) business day prior to consummation TriNovus, LLC, A Temenos Company Waivers Waiting periods (7 business days for LE and 3 business days for CD) may be waived for bona fide personal financial emergency 19

20 FEE TIMING Except for a reasonable credit report fee No other fee may be charged or imposed until consumer receives and indicates an intent to proceed No posted dated check No collecting credit card information to later be charged if intent to proceed X X 20

21 TIMING: E-SIGN APPLICABILITY Electronic delivery of LE and CD Subject to E-SIGN Must complete all components of E-SIGN before sending electronically Notice, consent, and reasonably demonstrate If disclosure subject to E-SIGN, sent electronically without completing E-SIGN, not considered delivered even if consumer prints and sends back to you If disclosure or required document is delivered electronically, mailbox rule applies It is considered delivered 3 business days after you send it just as if you put in snail mail Except Consumer may notify you that disclosure/document was indeed received Closes the time clock for waiting 3, 4, or 7 business days as may be applicable under the timing rules Do not assume applicant will indeed complete E-SIGN; you must still deliver timely 21

22 TIMING: E-SIGN DELIVERY For example If applicant completes E-SIGN on personal tablet while applying in institution, may deliver/ LE Applicant applies on Monday, indicating that they will complete E-SIGN when they get home; you LE Tuesday; applicant actually does not complete E-SIGN until Friday LE is late as it was not delivered within 3 business days of application (Thursday) LE is not all $0 for CD Unlike current (2010) = no cost loan: Subject to regulator penalties ($4,000 per; up to $1million per missed timing) Subject to consumer private right of action / civil liability 22

23 TIMING: INTENT TO PROCEED Must document consumer s intent to proceed Consumer may show his or her intent to proceed in any manner he or she chooses unless your institution s policy requires a specific form/process of communication from consumer to show intent to proceed No model form provided Not subject to E-SIGN Must provide LE first No new or additional intent to proceed for revised LE or CD As long as you verify intent first Be sure to add this step to your Monitoring / Audit schedule, too 23

24 INTENT TO PROCEED Must be documented No model form Documentation could be memo in file or in loan system notes file Best practice recommendation Have a consistent form and process to avoid violations for missing documentation Do not use post-it notes Not subject to E-SIGN 24

25 LOAN ESTIMATE TRID Workshop Finals 25

26 LOAN ESTIMATE Baseline Model Form H-24 = Standard Form Good faith estimate of costs of credit and transaction terms consistent with the best information reasonably available to the creditor at the time disclosed To determine good faith: Look at difference between estimated charges originally provided LE and actual charges paid by or imposed on the consumer Generally, if the charge paid by or imposed on consumer exceeds amount originally disclosed on LE, not in good faith True regardless of whether creditor later discovers technical error, miscalculation, or underestimation of a charge Except falls within Tolerances (all amounts must still be made based on best information available at time LE issued) More on Tolerances and Changed Circumstance later If mortgage broker receives initial application, either creditor or mortgage broker may provide Creditor is responsible for ensuring LE complies with the content and delivery requirements You may not contract away your obligations Be careful on who you rely on They will not be the one sitting in front of your regulator during an exam 26

27 LOAN ESTIMATE H-24(A) Mortgage Loan Transaction Loan Estimate Model Form STANDARD FORMS H-24(B) H-24(C) H-24(D) Mortgage Loan Transaction Loan Estimate Fixed Rate Loan Sample Mortgage Loan Transaction Loan Estimate Interest Only Adjustable Rate Loan Sample Mortgage Loan Transaction Loan Estimate Refinance Sample H-24(E) H-24(F) H-24(G) Mortgage Loan Transaction Loan Estimate Balloon Payment Sample Mortgage Loan Transaction Loan Estimate Negative Amortization Sample Mortgage Loan Transaction Loan Estimate Modification to Loan Estimate for Transaction Not Involving Seller Model Form TriNovus, LLC, A Temenos Company 27

28 LOAN ESTIMATE: PAGE OPTIONS Page 1 Page 2 Page 3 Sales Price (with a Seller) Fixed rate Loan Acceptance vs. Confirm Receipt Estimated Prop. Value (without a Seller, e.g., refi) With Adjustable Payment (AP) Table and Adjustable Interest Rate (AIR) Table Homeowners insurance not required With AP Table only Liability after Foreclosure (refinance loan secured by that property) With AIR Table only Appraisal notice 28

29 THE NEW LOAN ESTIMATE FORM Complete set provided in materials TriNovus, LLC, A Temenos Company 29

30 30

31 LOAN ESTIMATE - PAGE 1 Key sections Heading information Loan Terms Projected Payments Costs at closing CFPB website reference (2) options Sales Price (Seller transaction) Estimated Prop. Value (No Seller) 31

32 LE PAGE 1: HEADING INFORMATION Estimated Prop. Value Line added to show data required 32

33 LE PAGE 1 - HEADING INFORMATION PURCHASE TRANSACTION 1 Examples A 3 1 = Logo okay if fits 2 = SP vs. EPV 3 = Time Zone A = Addenda permitted 2 NON-PURCHASE TRANSACTION (NO SELLER INVOLVED) TriNovus, LLC, A Temenos Company 33

TRID. Seminar and Workshop Presentation 09.01.2015. 2015 Temenos USA. All rights reserved

TRID. Seminar and Workshop Presentation 09.01.2015. 2015 Temenos USA. All rights reserved TRID T I L A-RESPA INTEGRAT E D D I S C L O S U R E S Seminar and Workshop Presentation 09.01.2015 2015 Temenos USA. All rights reserved w: temenos.com/tricomply p: 205.991.5636 e: usainfo@temenos.com

More information

TRID. Loan Estimate Guide 07.01.2015. 2015 Temenos USA. All rights reserved

TRID. Loan Estimate Guide 07.01.2015. 2015 Temenos USA. All rights reserved TRID T I L A-RESPA INTEGRAT E D D I S C L O S U R E S Loan Estimate Guide 07.01.2015 2015 Temenos USA. All rights reserved w: temenos.com/tricomply p: 205.991.5636 e: usainfo@temenos.com While the publisher

More information

THE NEW TILA/RESPA INTEGRATED DISCLOSURES

THE NEW TILA/RESPA INTEGRATED DISCLOSURES THE NEW TILA/RESPA INTEGRATED DISCLOSURES IN PLAIN ENGLISH TRID Workshop Finals E F F E C T I V E October 3 rd, 2 0 1 5 WHAT YOU WILL LEARN The basics Coverage Exemptions Effective immediately Key definitions

More information

Loan Estimate (LE) TILA-RESPA Integrated Disclosure (TRID) Rule Requirements

Loan Estimate (LE) TILA-RESPA Integrated Disclosure (TRID) Rule Requirements Loan Estimate (LE) TILA-RESPA Integrated Disclosure (TRID) Rule Requirements New Definitions; New Forms New Work Flow New Rule creates new definition of Covered Loan Loan Application Consummation (Closing)

More information

When do I have to start following the TILA-RESPA rule and using the new Integrated Disclosures?

When do I have to start following the TILA-RESPA rule and using the new Integrated Disclosures? ............................................................................................. Overview of the TILA-RESPA Rule.............................................................................................

More information

TILA-RESPA Integrated Disclosure Rule * January 21, 2015

TILA-RESPA Integrated Disclosure Rule * January 21, 2015 TILA-RESPA Integrated Disclosure Rule * January 21, 2015 Presented by David Kantor Stinson Leonard Street LLP David.kantor@stinsonleonard.com 612-335-1620 1. Effective Date. The new Integrated Disclosures

More information

TRID FAQ TILA/RESPA Integrated Disclosure Frequently Asked Questions

TRID FAQ TILA/RESPA Integrated Disclosure Frequently Asked Questions TRID FAQ TILA/RESPA Integrated Disclosure Frequently Asked Questions 242 W. SUNSET, STE.201 SAN ANTONIO, TX 78209 210-828-5844 DOCS@BAIRDLAW.COM Table of Contents GENERAL QUESTIONS... 3 1. What is TRID?...

More information

FRESH. Agenda. Credit Union Integrated Mortgage Disclosures Are you Prepared?

FRESH. Agenda. Credit Union Integrated Mortgage Disclosures Are you Prepared? MCUL & Affiliates 2015 Annual Convention and Exposition Credit Union Integrated Mortgage Disclosures Are you Prepared? Glory LeDu Thursday, June 4, 2015 2:00 p.m. Sponsored by: FRESH Ideas to Reinvent

More information

PART 2: THE LOAN ESTIMATE. Integrated Disclosures Rule Effective August 1, 2015

PART 2: THE LOAN ESTIMATE. Integrated Disclosures Rule Effective August 1, 2015 PART 2: THE LOAN ESTIMATE Integrated Disclosures Rule Effective August 1, 2015 1 Thank you for your time today! Integrated Disclosures Webinar Series brought to you by HomeBridge Wholesale Visit: www.homebridgewholesale.com

More information

Overview The Regulation The Loan Estimate (LE) The Closing Disclosure (CD) Loan Estimate (LE) Application Date LE Responsibility

Overview The Regulation The Loan Estimate (LE) The Closing Disclosure (CD) Loan Estimate (LE) Application Date LE Responsibility To support your preparation efforts when implementing the TILA-RESPA Integrated Disclosure (TRID) rule effective for applications dated on or after October 3, 2015, we have created this Helpful Tips for

More information

TILA-RESPA Integrated Disclosure Rule

TILA-RESPA Integrated Disclosure Rule TILA-RESPA Integrated Disclosure Rule May 13, 2015 Joseph J. Reilly Partner Benjamin K. Olson Partner 1 Key Changes Effective for applications received by the creditor or mortgage broker on or after August

More information

V TriNovus, LLC, a Temenos company 2015.

V TriNovus, LLC, a Temenos company 2015. TILA-RESPA INTEGRATED DISCLOSURES: CLOSING DISCLOSURE GUIDE V07.01.2015 TriNovus, LLC, a Temenos company 2015. w: www.tricomply.com p: 205.991.5636 e: info@trinovus.com While the publisher and author have

More information

TILA/RESPA Integrated Disclosures. BRIAN A. NETTLEINGHAM Attorney/Shareholder Regulatory Compliance Group

TILA/RESPA Integrated Disclosures. BRIAN A. NETTLEINGHAM Attorney/Shareholder Regulatory Compliance Group TILA/RESPA Integrated Disclosures BRIAN A. NETTLEINGHAM Attorney/Shareholder Regulatory Compliance Group BACKGROUND Dodd-Frank Wall Street Reform Act Created the Consumer Financial Protection Bureau National

More information

TILA RESPA An Overview

TILA RESPA An Overview TILA RESPA An Overview March 13, 2014 E. Andrew Keeney, Esq. Kaufman & Canoles, P.C. and Michael J. Coleman, Esq. NAFCU Director of Regulatory Affairs E. Andrew Keeney, Esq. Kaufman & Canoles, P.C. 150

More information

CFPB Integrated Mortgage Disclosures

CFPB Integrated Mortgage Disclosures CFPB Integrated Mortgage Disclosures Today s Goal To help you not only understand the rule changes, but make sure you have the tools, resources and support to take action to implement in your credit union

More information

CLARIFICATION OF MAJOR CHANGES. Integrated Mortgage Disclosures

CLARIFICATION OF MAJOR CHANGES. Integrated Mortgage Disclosures CLARIFICATION OF MAJOR CHANGES Integrated Mortgage Disclosures One of the mortgage industry s most anticipated provisions of the Dodd-Frank Act has been the integration of the Truth-in-Lending Act (TILA)

More information

TILA-RESPA Integrated Disclosure (TRID) Correspondent Division. Overview. Loan Estimate (LE) Key points. Topic The Regulation

TILA-RESPA Integrated Disclosure (TRID) Correspondent Division. Overview. Loan Estimate (LE) Key points. Topic The Regulation Overview The Regulation The Consumer Financial Protection Bureau (CFPB) issued a final rule amending Regulation Z (Truth in Lending Act) and Regulation X (Real Estate Settlement Procedures Act) to integrate

More information

TILA-RESPA Integrated Disclosures

TILA-RESPA Integrated Disclosures Outlook Live Webinar- June 17, 2014 TILA-RESPA Integrated Disclosures Presented by the Consumer Financial Protection Bureau Visit us at www.consumercomplianceoutlook.org Disclaimer The Bureau issued the

More information

TRID. What are the Timing Requirements for Revisions to a Loan Estimate?

TRID. What are the Timing Requirements for Revisions to a Loan Estimate? TRID What is TRID? TRID is an acronym for TILA- RESPA Integrated Disclosure (also referred to as the TILA-RESPA Rule) and applies to most closed-end Borrower credit transactions secured by real property.

More information

TILA RESPA Procedural Impacts Are You Ready? Presenters. CUNA Mutual Group 2015 All rights reserved. 1. July 7, 2015

TILA RESPA Procedural Impacts Are You Ready? Presenters. CUNA Mutual Group 2015 All rights reserved. 1. July 7, 2015 Presented by: TILA RESPA Procedural Impacts Presenters Jon Bundy Regulatory Compliance Manager CUNA Mutual Group 608-665-7101 jonathan.bundy@cunamutual.com Theresa Reinke LOANLINER Compliance Consultant

More information

INTEGRATED MORTGAGE DISCLOSURES CLOSING DISCLOSURE

INTEGRATED MORTGAGE DISCLOSURES CLOSING DISCLOSURE INTEGRATED MORTGAGE DISCLOSURES TILA RESPA RULE CLOSING DISCLOSURE Financial Solutions Patti Blenden October 2014 1 September 2014 Guide The Loan Estimate and Closing Disclosure must be used for most closed

More information

TILA-RESPA Integrated Disclosure rule. Small entity compliance guide

TILA-RESPA Integrated Disclosure rule. Small entity compliance guide TILA-RESPA Integrated Disclosure rule Small entity compliance guide September 2014 Version Log The Bureau updates this guide on a periodic basis to reflect finalized clarifications to the rule which impacts

More information

Brief Walk Through of TRID. Presented by: Scott Meerstein MGIC Inside Sales

Brief Walk Through of TRID. Presented by: Scott Meerstein MGIC Inside Sales Brief Walk Through of TRID Presented by: Scott Meerstein MGIC Inside Sales The information presented in this presentation is for general information only, and is based on guidelines and practices generally

More information

TRID. Loan Estimate and Closing Disclosure Cross-reference Guide 07.01.2015. 2015 Temenos USA. All rights reserved

TRID. Loan Estimate and Closing Disclosure Cross-reference Guide 07.01.2015. 2015 Temenos USA. All rights reserved TRID T I L A-RESPA INTEGRAT E D D I S C L O S U R E S Loan Estimate and Closing Disclosure Cross-reference Guide 07.01.2015 2015 Temenos USA. All rights reserved w: temenos.com/tricomply p: 205.991.5636

More information

TABLE OF CONTENTS. Form Number Title / Description Page

TABLE OF CONTENTS. Form Number Title / Description Page TABLE OF CONTENTS Form Number Title / Description Page TIME CHART / ROUNDING FORMS LOAN ESTIMATE Loan Estimate and Closing Disclosure Time Chart 1 TILA RESPA Time Chart 3 Loan Estimate Rounding Chart 5

More information

TILA RESPA One of the Most Expensive Changes in Decades

TILA RESPA One of the Most Expensive Changes in Decades Veronese 2405 Wednesday, July 23, 2014 1:00 2:00 p.m.; 2:15 3:15 p.m. TILA RESPA One of the Most Expensive Changes in Decades E. Andrew Keeney, Esq., Partner, Kaufman & Canoles, P.C. 1 TILA RESPA One of

More information

TRID Overview. TRID effective October 3 rd, 2015

TRID Overview. TRID effective October 3 rd, 2015 TRID Overview TRID effective October 3 rd, 2015 TRID Overview What is the Integrated Disclosure Rule? Combination of RESPA and TILA disclosures Purpose is to create disclosures that are easier to understand

More information

2015 Fidelity National Title Group

2015 Fidelity National Title Group Five Things You Need to Know Before August 2015 WHAT IS THE CFPB? THE NEW LINGO Dodd-Frank Act --Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 CFPB Consumer Financial Protection Bureau

More information

TILA-RESPA INTEGRATED DISCLOSURE (TRID) AT A GLANCE COPYRIGHT 2015 AMERICAN FINANCIAL RESOURCES, INC. ALL RIGHTS RESERVED

TILA-RESPA INTEGRATED DISCLOSURE (TRID) AT A GLANCE COPYRIGHT 2015 AMERICAN FINANCIAL RESOURCES, INC. ALL RIGHTS RESERVED TILA-RESPA INTEGRATED DISCLOSURE (TRID) AT A GLANCE Last Revised: 8/28/2015 TABLE OF CONTENTS What is TRID?...3 Forms...4-7 - Loan Estimate - Closing Disclosure - Change of Circumstance Delivery Methods

More information

CFPB Proposes New Mortgage Disclosure Rules

CFPB Proposes New Mortgage Disclosure Rules A DV I S O RY July 2012 On July 9, 2012, the Bureau of Consumer Financial Protection (CFPB) issued a proposed rule on mortgage disclosures (Proposed Rule) implementing requirements of the Dodd-Frank Wall

More information

Truth in Lending Act Real Estate Settlement Procedures Act LOAN ESTIMATE delivered or placed in the mail CLOSING DISCLOSURE received

Truth in Lending Act Real Estate Settlement Procedures Act LOAN ESTIMATE delivered or placed in the mail CLOSING DISCLOSURE received INTRODUCTION For more than 3 decades, lenders have been required to provide 2 different disclosure forms to consumers applying for a mortgage loan. Two different Federal agencies developed these forms

More information

YOUR NEW MORTGAGE DISCLOSURE FORMS - AN IN-DEPTH LOOK FIS REGULATORY ADVISORY SERVICES

YOUR NEW MORTGAGE DISCLOSURE FORMS - AN IN-DEPTH LOOK FIS REGULATORY ADVISORY SERVICES YOUR NEW MORTGAGE DISCLOSURE FORMS - AN IN-DEPTH LOOK BY FIS REGULATORY ADVISORY SERVICES 92012 Your New Mortgage Disclosure Forms An In Depth Look www.fisregulatoryservices.com i 1 Agenda Introduction

More information

TRID TILA-RESPA INTEGRATED DISCLOSURES 1

TRID TILA-RESPA INTEGRATED DISCLOSURES 1 1 TRID TILA-RESPA INTEGRATED DISCLOSURES 2 Effective with applications taken on or after August 1, 2015 Loan Estimate Replaces and combines Early Truth-In-Lending Disclosure and Good Faith Estimate Closing

More information

TRID Quick Reference Guide

TRID Quick Reference Guide TRID General Rules and Definitions New Required Disclosures Loan Estimate (LE) replaces the GFE and Initial TIL Closing Disclosure (CD) replaces the Final TIL and HUD-1 Home Loan Toolkit replaces the HUD

More information

QUICK REFERENCE GUIDE TO DISCLOSURES TRUTH IN LENDING ACT AND REGULATION Z (1) (CLOSED-END HOME MORTGAGE TRANSACTIONS)

QUICK REFERENCE GUIDE TO DISCLOSURES TRUTH IN LENDING ACT AND REGULATION Z (1) (CLOSED-END HOME MORTGAGE TRANSACTIONS) QUICK REFERENCE GUIDE TO DISCLOSURES TRUTH IN LENDING ACT AND REGULATION Z (1) (CLOSED-END HOME MORTGAGE TRANSACTIONS) Type of (2) Contents of Truth in Lending Statements 226.17 226.36 Early s 226.19(a)(1)

More information

CUNA s COMPLIANCE HIGHLIGHTS

CUNA s COMPLIANCE HIGHLIGHTS CUNA s COMPLIANCE HIGHLIGHTS TILA/RESPA INTEGRATED MORTGAGE DISCLOSURES For more than 30 years, Federal law has required lenders to provide two different disclosure forms to consumers applying for a mortgage.

More information

January 20, 2015 Updated Changes:

January 20, 2015 Updated Changes: Get Ready! Get Set! August 1, 2015 is Around the Corner THE COMBINED TILA AND RESPA MORTGAGE DISCLOSURES (Memo Updated on 1/27/15 to include the changes below) As most of you are probably aware, a major

More information

Upon completion you will be able to:

Upon completion you will be able to: Agenda This training manual consists of three parts that will provide you with step-bystep instructions about how to complete the Closing Disclosure form required by the Integrated Disclosures Rule Upon

More information

TILA/RESPA Integrated Disclosure (TRID) Rule

TILA/RESPA Integrated Disclosure (TRID) Rule TILA/RESPA Integrated Disclosure (TRID) Rule Ken Markison, Vice President, Regulatory Counsel, MBA Jerra H. Ryan, Vice President of Compliance, Cherry Creek Mortgage Alex Karram, Attorney, Weiner Brodsky

More information

TILA RESPA Integrated Disclosures. On October 3 rd, life as we know it will change forever. One of the new forms is.

TILA RESPA Integrated Disclosures. On October 3 rd, life as we know it will change forever. One of the new forms is. TILA RESPA Integrated Disclosures The Loan Estimate and Miscellaneous Requirements Lynne Murphy Breen, Esquire Sue Ellen Rogal, Esquire September 16, 2015 On October 3 rd, life as we know it will change

More information

TILA-RESPA INTEGRATED MORTGAGE DISCLOSURES

TILA-RESPA INTEGRATED MORTGAGE DISCLOSURES TILA-RESPA INTEGRATED MORTGAGE DISCLOSURES Explaining the New Rule History Timing Purpose Coverage? Changes Definition of an Application Loan Estimate Closing Disclosure Variations/Tolerances 5 Things

More information

Guide to Completing the Loan Estimate The following list highlights requirements needed to complete each section of the Loan Estimate.

Guide to Completing the Loan Estimate The following list highlights requirements needed to complete each section of the Loan Estimate. Guide to Completing the Loan Estimate The following list highlights requirements needed to complete each section of the Loan Estimate. General Information Page 1 Date Issued Date the LE is mailed or delivered

More information

Know Before You Owe. TILA-RESPA Integrated Disclosure (TRID) Rule

Know Before You Owe. TILA-RESPA Integrated Disclosure (TRID) Rule Know Before You Owe TILA-RESPA Integrated Disclosure (TRID) Rule Background of CFPB The Consumer Financial Protection Bureau (CFPB) was established in 2010 under the Dodd-Frank Act Directed to publish

More information

CFPB s RESPA TILA Integrated Disclosure. Finley P. Maxson NAR Senior Counsel fmaxson@realtors.org (312) 329-8381

CFPB s RESPA TILA Integrated Disclosure. Finley P. Maxson NAR Senior Counsel fmaxson@realtors.org (312) 329-8381 CFPB s RESPA TILA Integrated Disclosure Finley P. Maxson NAR Senior Counsel fmaxson@realtors.org (312) 329-8381 RESPA-TILA Integrated Disclosure A. Background I. Impetus for change a. Dodd-Frank directed

More information

TILA-RESPA Integrated Disclosure rule. Small entity compliance guide

TILA-RESPA Integrated Disclosure rule. Small entity compliance guide TILA-RESPA Integrated Disclosure rule Small entity compliance guide March 2014 Table of contents Table of contents... 2 1. Introduction... 10 1.1 What is the purpose of this guide?... 11 1.2 Who should

More information

Answer: ppddocs.com we don t endorse this site or this product, it is just a site we used to input examples for the webinar

Answer: ppddocs.com we don t endorse this site or this product, it is just a site we used to input examples for the webinar BAI Learning & Development Webinar Q&A TILA-RESPA Integration Part 1 A New Way to Disclose 1. How should we handle Lender Paid Fees? Since we have to send the Loan Estimate 3 days after application, we

More information

TILA-RESPA INTEGRATED DISCLOSURE RULE

TILA-RESPA INTEGRATED DISCLOSURE RULE TILA-RESPA INTEGRATED DISCLOSURE RULE Speakers: David Baghdady, Assoc. State Counsel/AVP, First American Title Ins. Co. Richard Hogan, Vice President and Associate General Counsel, CATIC Jeremy Potter,

More information

CORRESPONDENT Compliance Manual. Instructions to Complete the TRID Loan Estimate

CORRESPONDENT Compliance Manual. Instructions to Complete the TRID Loan Estimate CORRESPONDENT Compliance Manual Instructions to Complete the TRID Loan Estimate Compliance Department 9/14/2015 2015 Impac Mortgage Corp. NMLS #128231. www.nmlsconsumeraccess.org. Rates, fees and programs

More information

CFPB Loan Disclosure Rules: Know Before You Owe Mortgage Forms The New Requirements and Their Impact on Financial Institutions

CFPB Loan Disclosure Rules: Know Before You Owe Mortgage Forms The New Requirements and Their Impact on Financial Institutions CFPB Loan Disclosure Rules: Know Before You Owe Mortgage Forms The New Requirements and Their Impact on Financial Institutions David A. Elliott Partner Richard C. Keller Partner OUTLINE Section 1032(f)

More information

CFPB THE NEW DISCLOSURE FORMS AND REQUIREMENTS BE READY!!

CFPB THE NEW DISCLOSURE FORMS AND REQUIREMENTS BE READY!! CFPB THE NEW DISCLOSURE FORMS AND REQUIREMENTS BE READY!! CELIA C. FLOWERS FLOWERS DAVIS, P.L.L.C. and EAST TEXAS TITLE COMPANY Tyler, Texas 75701 TILA and RESPA History 2012 TEXAS LAND TITLE INSTITUTE

More information

Truth in Lending 1 Examination Objectives

Truth in Lending 1 Examination Objectives Truth in Lending 1 Examination Objectives 1. To appraise the quality of the financial institution s compliance management system for the Truth in Lending Act and Regulation Z (12 CFR part 1026). 2. To

More information

Update on CFPB s TILA- RESPA Integrated Disclosure Rule

Update on CFPB s TILA- RESPA Integrated Disclosure Rule Update on CFPB s TILA- RESPA Integrated Disclosure Rule Mortgage Bankers Ruth A. Dillingham, Special Counsel First American Title Insurance Company This presentation is for informational purposes only

More information

INTEGRATED MORTGAGE DISCLOSURES

INTEGRATED MORTGAGE DISCLOSURES INTEGRATED MORTGAGE DISCLOSURES (TILA RESPA RULE) Financial Solutions Patti Blenden April 2015 1 CFPB Accomplishes Integration of GFE/eTILA After 30 years of encouraging HUD and the FRB to cooperate Dodd

More information

Please stand by, the presentation will begin shortly. Your phones have been muted. If you re using the speakers on your PC you don t need to call in.

Please stand by, the presentation will begin shortly. Your phones have been muted. If you re using the speakers on your PC you don t need to call in. Please stand by, the presentation will begin shortly. Your phones have been muted. If you re using the speakers on your PC you don t need to call in. While you are waiting, you may download the presentation

More information

CFPB-TRID Frequently Asked Questions April 29, 2015

CFPB-TRID Frequently Asked Questions April 29, 2015 CFPB-TRID Frequently Asked Questions April 29, 2015 Contents TILA-RESPA Integrated Disclosure Rule... 2 Effective Date(s)... 2 Impacted People, Property & Transaction Types... 2 Financing Type... 4 Seller

More information

General Resources CFPB Resources ALTA Best Practices Closing Insight Notaries Business & Commercial Loans Foreign Consumers

General Resources CFPB Resources ALTA Best Practices Closing Insight Notaries Business & Commercial Loans Foreign Consumers Remember, a knowing or reckless violation of TRID, even if done under instructions from the lender, may result in penalties of up to $1 million a day per violation against the individual settlement agent.

More information

Chapter 5: Completing Pages Four and Five of the Closing Disclosure... 35 Summary... 42

Chapter 5: Completing Pages Four and Five of the Closing Disclosure... 35 Summary... 42 Table of Contents The Integrated Disclosure Rule... 4 Chapter 1: Introduction to the Integrated Disclosure Rule... 5 Consolidated Disclosures... 5 Chapter 2: Delivery of the Loan Estimate and Closing Disclosure...

More information

Truth-In-Lending Real Estate Settlement Procedures Act Integrated Disclosures Webinar

Truth-In-Lending Real Estate Settlement Procedures Act Integrated Disclosures Webinar Office of Consumer Protection Truth-In-Lending Real Estate Settlement Procedures Act Integrated Disclosures Webinar February 11, 2015 The information contained in this presentation is for informational

More information

TABLE OF CONTENTS. SCENARIO #1 FIXED PURCHASE. Page 2. Loan Estimate.. Page 3. Closing Disclosure. Page 12. SCENARIO #2 TOLERANCE CURE Page 22

TABLE OF CONTENTS. SCENARIO #1 FIXED PURCHASE. Page 2. Loan Estimate.. Page 3. Closing Disclosure. Page 12. SCENARIO #2 TOLERANCE CURE Page 22 TRID CASE BOOK TABLE OF CONTENTS SCENARIO #1 FIXED PURCHASE. Page 2 Loan Estimate.. Page 3 Closing Disclosure. Page 12 SCENARIO #2 TOLERANCE CURE Page 22 SCENARIO #3 FIXED REFINANCE Page 25 Loan Estimate...

More information

Tony Hernandez /s/ Tony Hernandez Administrator Housing and Community Facilities Programs

Tony Hernandez /s/ Tony Hernandez Administrator Housing and Community Facilities Programs October 6, 2016 TO: State Directors Rural Development ATTN: Program Directors Single Family Housing FROM: Tony Hernandez /s/ Tony Hernandez Administrator Housing and Community Facilities Programs SUBJECT:

More information

TILA-RESPA Integrated Mortgage Disclosures

TILA-RESPA Integrated Mortgage Disclosures TILA-RESPA Integrated Mortgage Disclosures Supreme Lending NMLS #2129 2015 Distribution to the general public is prohibited. This is not considered an advertisement as defined by 12 CFR 226.2(a)(2). Supreme

More information

Changes to Mortgage Loan Closing Process

Changes to Mortgage Loan Closing Process Changes to Mortgage Loan Closing Process 2015 Iowa Title Guaranty Settlement Conference Presented by: Ronette Schlatter, CRCM 1 Background Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA)

More information

TILA-RESPA Integrated Mortgage Disclosures

TILA-RESPA Integrated Mortgage Disclosures TILA-RESPA Integrated Mortgage Disclosures Supreme Lending 2015 Distribution to the general public is prohibited. This is not considered an advertisement as defined by 12 CFR 226.2(a)(2). Supreme Lending

More information

bankerstitleshenandoah.com 1.888.259.7184

bankerstitleshenandoah.com 1.888.259.7184 Delivered in partnership with your local title and settlement agency bankerstitleshenandoah.com 1.888.259.7184 About this Manual In an effort to provide a thorough condensed training reference, this manual

More information

TILA-RESPA Integrated Disclosure Rule FAQs for Wholesale Brokers

TILA-RESPA Integrated Disclosure Rule FAQs for Wholesale Brokers TILA-RESPA Integrated Disclosure Rule FAQs for Wholesale Brokers DEFINITIONS AND ACRONYMS TRID: TILA-RESPA Integrated Disclosure Know Before You Owe Rule, text of the rule and more information available

More information

Key Components of TRID. Presented by: Benjamin K. Olson

Key Components of TRID. Presented by: Benjamin K. Olson Key Components of TRID Presented by: Benjamin K. Olson 1 TRID Effective Date and Enforcement June 17, 2015: CFPB Press Release CFPB Director announces proposal to delay effective date until October 1:

More information

TILA-RESPA INTEGRATED DISCLOSURE

TILA-RESPA INTEGRATED DISCLOSURE TILA-RESPA INTEGRATED DISCLOSURE Guide to the Loan Estimate and Closing Disclosure forms Consumer Financial Protection Bureau Version log The Bureau updates this guide on a periodic basis to reflect finalized

More information

Integrated Disclosure

Integrated Disclosure Thursday, December 4, 2014 2 3 p.m. Central time Integrated Disclosure Sheldon Hendrix, CRCM Senior Managing Consultant BKD, LLP shendrix@bkd.com Michael Prince Senior Consultant II BKD, LLP mprince@bkd.com

More information

PRMG is Ramping Up for the TILA RESPA Rule

PRMG is Ramping Up for the TILA RESPA Rule PRMG is Ramping Up for the TILA RESPA Rule Paramount Residential Mortgage Group, Inc. (PRMG) is ramping up for the new TILA RESPA rule. Effective with applications taken on or after August 1, 2015, lenders

More information

A Primer on the New CFPB Regulations Governing Residential Closings. Navigating the New Forms (Loan Estimate and Closing Disclosure.

A Primer on the New CFPB Regulations Governing Residential Closings. Navigating the New Forms (Loan Estimate and Closing Disclosure. A Primer on the New CFPB Regulations Governing Residential Closings. Navigating the New Forms (Loan Estimate and Closing Disclosure.) For loan applications received beginning October 3, 2015. Disclaimer:

More information

standard mandated forms, and the font size, labels and other text on the blank forms cannot be changed. Comment 1 to Section 1026.

standard mandated forms, and the font size, labels and other text on the blank forms cannot be changed. Comment 1 to Section 1026. TILA-RESPA Integrated Disclosures Frequently Asked Questions Outlook Live Webinar May 26, 2015 Presented by the Consumer Financial Protection Bureau (CFPB) Transcribed and Edited by the American Bankers

More information

Illinois Association of Realtors Illinois Bankers Association TILA/RESPA Integration Rule: Using the New Loan Estimate New Closing Disclosure

Illinois Association of Realtors Illinois Bankers Association TILA/RESPA Integration Rule: Using the New Loan Estimate New Closing Disclosure Illinois Association of Realtors Illinois Bankers Association TILA/RESPA Integration Rule: Using the New Loan Estimate New Closing Disclosure May 4, 2015 Leonard A. Bernstein lbernstein@reedsmith.com +1

More information

Webinar Thursday, January 16, 2014 2:00 3:30 pm ET

Webinar Thursday, January 16, 2014 2:00 3:30 pm ET Webinar Thursday, January 16, 2014 2:00 3:30 pm ET Webinar Thursday, January 16, 2014 2:00 3:30 pm ET Moderator Roger Blauvelt Vice President & National Agency Counsel WFG National Title Insurance Company

More information

TILA-RESPA INTEGRATED DISCLOSURE

TILA-RESPA INTEGRATED DISCLOSURE TILA-RESPA INTEGRATED DISCLOSURE Guide to the Loan Estimate and Closing Disclosure forms Consumer Financial Protection Bureau Version log The Bureau updates this guide on a periodic basis to reflect finalized

More information

TILA-RESPA. Guide to the Loan Estimate and Closing Disclosure forms. Consumer Financial Protection Bureau

TILA-RESPA. Guide to the Loan Estimate and Closing Disclosure forms. Consumer Financial Protection Bureau TILA-RESPA Integrated Disclosure Guide to the Loan Estimate and Closing Disclosure forms Consumer Financial Protection Bureau What s inside 1. Introduction...6 1.1 What is the purpose of this guide?...

More information

Truth-in-Lending Disclosures for Closed-End Credit

Truth-in-Lending Disclosures for Closed-End Credit Truth-in-Lending Disclosures for Closed-End Credit Revised Date: 12/20/2013 General Policy Statement: The Credit Union will comply with the Truth-in-Lending Act and its implementing regulation, Regulation

More information

The Closing Disclosure

The Closing Disclosure The Closing Disclosure Overview: The new TRID Regulation is effective for applications taken on October 3, 2015 and after. As a result, the GFE, TIL, and HUD-1 will no longer be issued. The Loan Estimate

More information

The New Mortgage Lending Process: A 2014 Check-Up and 2015 Planning

The New Mortgage Lending Process: A 2014 Check-Up and 2015 Planning The New Mortgage Lending Process: A 2014 Check-Up and 2015 Planning Copyright 2012 Tata Consultancy Services Limited No Legal Advice, Opinions, or Services Provided This presentation does not constitute

More information

A Primer for a New Era in Closings: For loan applications received beginning August 1, 2015 some info courtesy of ALTA

A Primer for a New Era in Closings: For loan applications received beginning August 1, 2015 some info courtesy of ALTA A Primer for a New Era in Closings: For loan applications received beginning August 1, 2015 some info courtesy of ALTA A New Era in Closings Applicable Loans Final rule applies to most consumer mortgages,

More information

MORTGAGE BANKERS ASSOCIATION OF THE GENESEE REGION MAY 21, 2015. Presenter: Bonnie S. Nachamie

MORTGAGE BANKERS ASSOCIATION OF THE GENESEE REGION MAY 21, 2015. Presenter: Bonnie S. Nachamie MORTGAGE BANKERS ASSOCIATION OF THE GENESEE REGION MAY 21, 2015 Presenter: Bonnie S. Nachamie The Closing Disclosure ( CD ) is the new form that amends, enhances and replaces the Final TIL and HUD-1 The

More information

Mission: to make markets for consumer financial products and services work for Americans.

Mission: to make markets for consumer financial products and services work for Americans. TRID with Norman Roos, Robinson and Cole LLP William McCue, McCue Mortgage Company Lawrence Garfinkel, Hunt Leibert Jacobson P.C. Jeremy Potter, Norcom Mortgage Agenda Introduction Overview and Framework

More information

HERE ARE FIVE THINGS YOU WILL NEED TO KNOW BEFORE THE NEW RULES TAKE EFFECT OCTOBER 3, 2015

HERE ARE FIVE THINGS YOU WILL NEED TO KNOW BEFORE THE NEW RULES TAKE EFFECT OCTOBER 3, 2015 5 THINGS TO KNOW BEFORE OCTOBER 3RD, 2015 As a result of the 20 financial meltdown, the Consumer Financial Protection Bureau (CFPB) has published a new set of game changing rules and forms that will impact

More information

AMERICAN BAR ASSOCIATION CONSUMER FINANCIAL SERVICES COMMITTEE SPRING MEETING SAN FRANCISCO, CALIFIORNIA

AMERICAN BAR ASSOCIATION CONSUMER FINANCIAL SERVICES COMMITTEE SPRING MEETING SAN FRANCISCO, CALIFIORNIA AMERICAN BAR ASSOCIATION CONSUMER FINANCIAL SERVICES COMMITTEE SPRING MEETING SAN FRANCISCO, CALIFIORNIA TILA-RESPA INTEGRATED DISCLOSURE RULE BACKGROUND, TILA LIABILITIES & OPERATIONAL CONCERNS I. OVERVIEW

More information

Guide to Completing the Closing Disclosure The following list highlights requirements needed to complete each section of the Closing Disclosure (CD).

Guide to Completing the Closing Disclosure The following list highlights requirements needed to complete each section of the Closing Disclosure (CD). Guide to Completing the Closing Disclosure The following list highlights requirements needed to complete each section of the Closing Disclosure (CD). Page 1 Closing Information Date Issued Date the CD

More information

Disclosure Process. 1 WSL:1241 Issued: 09/04/15

Disclosure Process. 1 WSL:1241 Issued: 09/04/15 NYCB Gemstone Closing Disclosure Process 1 WSL:1241 Issued: 09/04/15 Items being covered today: Closing Disclosure Overview Gemstone Process Flow Overview Walkthroughs of the new modules in Gemstone The

More information

Provident Bank Mortgage Wholesale Operations FAQ s on TRID

Provident Bank Mortgage Wholesale Operations FAQ s on TRID Provident Bank Mortgage Wholesale Operations FAQ s on TRID General 1) Q: Can an email or other communication to the borrower provide a list of standard items that will be needed for the application (income/asset

More information

PLEASE STAND BY Your webinar is about to begin.

PLEASE STAND BY Your webinar is about to begin. PLEASE STAND BY Your webinar is about to begin. pncmortgage.com/agentalliance 1 2015 Home Lending Changes New Mortgage Rules Demystified: TILA RESPA Integrated Disclosures (TRID) Welcome to the webinar!

More information

Regulation X Real Estate Settlement Procedures Act

Regulation X Real Estate Settlement Procedures Act Regulation X Real Estate Settlement Procedures Act The Real Estate Settlement Procedures Act of 1974 (RESPA) (12 U.S.C. 2601 et seq.) (the act) became effective on June 20, 1975. The act requires lenders,

More information

DISCLAIMER. Page - 1 - of 17

DISCLAIMER. Page - 1 - of 17 DISCLAIMER The information provided in this presentation and any printed material is for informational purposes only. None of the forms, materials or opinions is offered, or should be construed, as legal

More information

Important Information Regarding TILA-RESPA Integrated Disclosure (TRID) Rule

Important Information Regarding TILA-RESPA Integrated Disclosure (TRID) Rule Important Information Regarding TILA-RESPA Integrated Disclosure (TRID) Rule Notice to students: If your course contains information on the Truth in Lending Act (TILA) and the Real Estate Settlement Procedure

More information

Introduction. The new rules and forms take effect October 3 rd, 2015 for all loan applications submitted on or after that date.

Introduction. The new rules and forms take effect October 3 rd, 2015 for all loan applications submitted on or after that date. Introduction The new rules and forms take effect October 3 rd, 2015 for all loan applications submitted on or after that date. Phased-in approach: Continue to close out loans in the lender s pipeline using

More information

July 2015. For questions or comments regarding this newsletter, contact Marketing@idsdoc.com 2015 IDS, Inc.

July 2015. For questions or comments regarding this newsletter, contact Marketing@idsdoc.com 2015 IDS, Inc. July 2015 For questions or comments regarding this newsletter, contact Marketing@idsdoc.com 2015 IDS, Inc. Still To Be TRID Ready Before August 1 Due to the recent press release from the CFPB of possibly

More information

TRID Frequently Asked Questions

TRID Frequently Asked Questions TRID Frequently Asked Questions Q: What is TRID? A: TRID is an acronym for the TILA-RESPA Integrated Disclosure rule. It is a rule mandated by the Consumer Financial Protection Bureau as part of the Dodd-Frank

More information

TRID In the Weeds. Article by Alice Alvey January 2015

TRID In the Weeds. Article by Alice Alvey January 2015 TRID In the Weeds Article by Alice Alvey January 2015 TRID BY ALICE ALVEY Alice Alvey It s not easy to see into the weeds of this regulation by attending a few webinars. It takes hundreds of man-hours

More information

TILA-RESPA Integrated Disclosures

TILA-RESPA Integrated Disclosures Outlook Live Webinar- October 1, 2014 TILA-RESPA Integrated Disclosures Presented by the Consumer Financial Protection Bureau Visit us at www.consumercomplianceoutlook.org Disclaimer The Bureau issued

More information

nor a replacement for reading the applicable statute, regulation, official interpretation, commentary, or supplemental information

nor a replacement for reading the applicable statute, regulation, official interpretation, commentary, or supplemental information Kristen J. Stogniew, Esq, Shareholder Saltmarsh, Cleaveland & Gund Kristen.stogniew@saltmarshcpa.com The information presented in this slide deck and provided at the workshop, whether by Saltmarsh or by

More information

TILA-RESPA Integrated Disclosures (TRID) FAQs

TILA-RESPA Integrated Disclosures (TRID) FAQs TILA-RESPA Integrated Disclosures (TRID) FAQs On July 21, 2015, the Consumer Financial Protection Bureau (CFPB) published the final rule to delay the effective date of the TILA-RESPA Integrated Disclosure

More information

INTEGRATED MORTGAGE DISCLOSURES

INTEGRATED MORTGAGE DISCLOSURES INTEGRATED MORTGAGE DISCLOSURES (TILA RESPA RULE) Financial Solutions Patti Blenden October 2014 1 CFPB s Statutory Objectives 1. To ensure that consumers have timely and understandable information to

More information

NEW CFPB RULES FOR HIGH COST MORTGAGES AND HOMEOWNERSHIP COUNSELING February 3, 2013

NEW CFPB RULES FOR HIGH COST MORTGAGES AND HOMEOWNERSHIP COUNSELING February 3, 2013 NEW CFPB RULES FOR HIGH COST MORTGAGES AND HOMEOWNERSHIP COUNSELING February 3, 2013 On January 10, 2013, the Consumer Financial Protection Bureau ( CFPB ) issued a final rule that carries out changes

More information

Mortgage Disclosures Frequently Asked Questions

Mortgage Disclosures Frequently Asked Questions Mortgage Disclosures Frequently Asked Questions As of April 15, 2015 Table of Contents Integrated Disclosures Rule... 3 Effective Date(s)... 3 Impacted Property Types... 3 Rental Property... 4 Mobile Homes...

More information