TILA-RESPA INTEGRATED DISCLOSURE RULE

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1 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, General Counsel and Chief Compliance Officer, Norcom Mortgage 1

2 Agenda Why We re Here Is it the Final Rule? The Forms LE & CD Evaluating the Rule Challenges for banks and its attorneys Answers to Unanswered Questions Q&A 2

3 The New Forms TILA Liability Loan Estimate o o o o o o Three pages long Combines early two-page TIL and three-page GFE Who provides? Two options: lender or mortgage broker Lender responsible either way When? Within three days of application Still subject to tolerances Mandatory revision at rate lock Permissive revision at Changed Circumstance Closing Disclosure o o o Five pages long Combines three-page HUD-1 and final two-page TIL Who provides? Two options: lender or combination of lender and settlement agent Lender responsible either way When? Three days before closing Exceptions 3

4 Applicable Loans Basics o Final rule applies to most consumer mortgages, EXCEPT: Home-equity lines of credit Reverse mortgages Mortgages secured by a mobile home or dwelling not attached to land No-interest second mortgage made for down payment assistance, energy efficiency or foreclosure avoidance Lenders who make 5 or fewer loans in a year Required on all loans with application dates October 3, 2015 and beyond o No early adoption o No exceptions for lender size or lender type (exceptions by product only) 4

5 LOAN ESTIMATE Required upon receipt of 6 pieces of information: o Consumer s name, income and social security number o Property address, estimated value of the property o Amount of loan sought Implications abound: o Point of sale (POS) software & on-line application software o New rules in the LOS or document management software o Pre-Qualifications & Pre-Approvals may change o Consumers almost certain to receive LE earlier than compared to today s receipt of GFE 5

6 What can be provided prior to LE? Pre-Application Worksheets o Pre-Application worksheets can still be provided, however, they must include special verbiage: Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan. o The font must be a minimum 12 point font or larger, must appear at top of first page. o The pre-application worksheet cannot look like the Loan Estimate.

7 LOAN ESTIMATE Who Provides Mortgage Broker Can Provide Loan Estimate at lender s discretion But Broker Must Comply with All Requirements Applicable to Creditor All parties bound by the disclosure once provided to consumer Questions: Will Creditors Let Brokers Provide the Loan Estimate? Is lender allowed to re-issue LE upon receipt of broker application? 7

8 Identified Providers List List Must be Provided Within Same Time-Frame as Loan Estimate But Separate From Loan Estimate New Model List Provided by CFPB Identified Services Must Match Services Identified as Shoppable on Page 2 of Loan Estimate Form Implications: Lenders have revisited Settlement Provider policies o Must disclosure at least 1 o ALTA Best Practices and CFPB Vendor Management triggered Cannot escape zero tolerance entirely 8

9 Don t forget the Your Home Loan Toolkit This replaces the Special Information Booklet, AKA Settlement Cost Booklet, AKA Shopping for a Home Loan Booklet. o Must be provided within 3 business days of an application o Is designed to be interactive so best delivery method is electronically, but can be given in paper format o Streamlined from the previous versions and very consumer friendly and basic, especially for first time home buyers Implications o Training o LOS

10 Consumer Shopping A creditor permits a borrower to shop for third party settlement services when they: o Inform borrowers on Loan Estimate o Provide them with a written list of settlement service providers The creditor may still impose reasonable qualifications for providers (i.e. licensed provider) Implications How will lender obtain borrower s selection, vet the provider and communicate with provider in order to produce CD on time? 10

11 10% Variance Bucket 10% Tolerance Bucket includes: o Recording fees o If consumer selects Provider on list, charge must be included in 10% Tolerance Bucket (assuming it is not an affiliate) If consumer selects Provider not on list, charge is not subject to any variance (but implications for vendor management and post-closing still important) 10% Tolerance is provided for All charges in bucket o Individual charges may increase by more than 10% (i.e. notary) o Disclosure required when aggregate exceeds10% If charge in bucket is not actually performed, item must be removed for comparison purposes 11

12 Zero Variance Bucket Includes the following: o Fees that are paid to a creditor and mortgage broker o Fees paid to an affiliate of the creditor (New) o Fees paid if borrower not permitted to shop for the service (New) appraisal, credit repot, etc. o Transfer Taxes Zero tolerance may be overcome in changed circumstances or in other circumstances where revisions are permitted Important Note on Appraisals: Requires revision of policy or revision of agreements with AMCs in some cases 12

13 Permitted Revision of Loan Estimate General rule = No Changes A revised LE is required at rate lock A revised LE also permitted if there are changed circumstances: o Any time the approved change affects settlement charges o A change to eligibility for specific loan terms: Credit score Appraisal report indicates loan amount or inspection needed o Where the increase in charges exceeds applicable tolerances Items in 10% bucket increase by more than aggregate 10% APR tolerances exceeded by more than 1/8 (triggers 3 day waiting period) Consumer requests another copy 13

14 When Must You Give the Revised Loan Estimate? Revised loan estimate may not be provided on the same date (or after) the closing disclosure is provided For anyone disclosing the CD early and planning to revise prior to closing important to monitor tolerances Once initial CD is disclosed certain tolerances cannot be reset depending on closing date 14

15 What Happens if Things Change Close to Closing and You Cannot issue a Revised Loan Estimate? Revised CD can show changes but only certain changes can be charged to consumer If there are less than 4 business days between closing and the time a revised loan estimate would have otherwise been required to be provided o If the triggering event occurs between the 4 th and 3 rd business day from closing Show the revised disclosures on the closing disclosure provided 3 business days before closing o If the triggering event occurs after the first closing disclosure has been provided Show revised disclosures on closing disclosure provided at closing 15

16 What Must be Done if the Charges Exceed the LE Thresholds If the amounts paid by the consumer at closing exceed the amounts disclosed on the LE beyond the applicable tolerance threshold, the creditor must refund the excess to the consumer no later than 60 calendar days after consummation. Additional disclosures or refunds may also be required for charges that change after closing for example, recording fees. 16

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20 Closing Disclosure Delivered by: o Lender o Lender may rely on Settlement Agent, but Lender remains responsible for accuracy To all consumers who have right of rescission Three business days before closing Lender must retain Buyer s/borrower s CD and supporting documentation for five (5) years In Sale transaction, lender must obtain copy of Seller s Closing Disclosure from Settlement Agent but has no obligation to request/retain supporting documentation (unless provided provided)

21 Three Day Advance Disclosure Closing disclosure received 3 business days before consummation (closing) o Business day includes Saturday whether lender is open or not 1 Changes requiring a new 3 business day waiting period 2 o Annual percentage rate becomes inaccurate (increases) most loans 1/8%; certain loans 1/4% o Loan product changed o Prepayment penalty added 1 12 CFR (a)(6) 2 nd sentence 2 12 CFR (f)(2)(ii)

22 Three Day Advance Disclosure (cont) If not provided in person (i.e. mailed), add 3 business days for presumed receipt 1 Consumer may not waive the 3 day waiting period except in the event of a Bona Fide Personal Financial Emergency CFR (f)(1)(iii) 2 12 CFR (f)(1)(iv)

23 Mail Delivery: Closing Date-Sale SUNDAY MONDAY TUESDAY WEDNESD AY THURSD AY Closing Disclosure MAILED FRIDAY 21 Mail Day 1 SATURDA Y 22 Mail Day 2 23 Sunday doesn t count 24 Mail Day 3= Receipt 3 Days before Close Hand Delivery: 25 2 Days before Close 26 1 Day before Close 27 OKAY to Close SUNDAY MONDAY TUESDAY WEDNESD THURSD FRIDAY SATURDA AY AY Y Hand Delivery = Receipt 3 Days before Close 25 2 Days before Close 26 1 Day before Close 27 Disclosure Day 3 OKAY to Close 28 29

24 Closing Date-Refinances o Even with 3 days advance disclosure before closing (consummation) o 3 day rescission period still applies in refinance of principal residence SUNDAY MONDAY TUESDAY WEDNESDA Y THURSDAY FRIDAY SATURDAY Closing Disclosure MAILED 21 Mail Day 1 22 Mail Day 2 23 Sunday doesn t count 24 Mail Day 3 = Receipt 25 Disclosure Day 1 26 Disclosure Day 2 27 Disclosure Day 3 = OKAY to Close 28 Rescission Day 1 1 Rescission Day 2 2 Sunday doesn t count 3 Rescission Day 3 = Rescission expires at midnight 4 Okay to disburse

25 Closing Disclosure Page 1 - Format mirrors page 1 of Loan Estimate so as to facilitate comparison - Dynamic functions same as Loan Estimate

26 Closing Disclosure Page 1 - Refi (a) General Information Notes: Sale Price replaced with Appraised Prop. Value Seller removed and Lender moved up

27 Closing Disclosure Page 2 - Format same as L.E. page 2 - Item labels must match L.E. - Now five (5) columns - Alpha-numeric section scheme - Lines can be borrowed between sections but can t exceed standard form - Can be split into Page 2a (Loan Costs) and 2b (Other Costs)

28 Closing Disclosure Page 2 - Broker Fee paid by lender shown in Paid By Others column ( (L) ) - Specific Buyer Settlement Fees paid by Seller or third-parties shown in Paid By Others - Credits given by lender/broker for specific Settlement Fees shown in Paid By Others - Charges placed in section based upon actual shopping/non-shopping by consumer

29 Closing Disclosure Page 2 refi (f) Loan Costs A. Origination Charges B. Services Borrower Did Not Shop For C. Services Borrower Did Shop For D. Total Loan Costs

30 Closing Disclosure Page 2 (cont.) (g) Other Costs F. Prepaids: 01. Homeowner s Ins. Premium 02. Mortgage Ins. Premium 03. Prepaid Interest 04. Property Taxes H. Other: 01. HOA Capital Contribution **** 05. Real Estate Commission 06. Real Estate Commission 07. Title - Owners title (h) Total Closing Costs

31 Closing Disclosure Page 2 (cont.) E01 Recording Fees - Recording fees for additional documents (e.g. POA) added to total but NOT itemized F. Prepaids Limited to seven (7) lines H. Other Charges for services not required by lender (e.g. Brass band at closing) - Retained binder deposit is NOT netted from realtor commission J Lender Credits - General lender credits not tied to specific charge(s) - Cure for tolerance violation (with notation)

32 Closing Disclosure Page 2 - Refi (cont.) E02 Transfer Taxes removed

33 Closing Disclosure Page 3 (i) Calculating Cash to Close Tolerance amounts shown here (j) Summary of borrower s transaction (k) Summary of seller s transaction Itemizations in J and K are like page 1 of today s HUD-1 Settlement Statement

34 Closing Disclosure Page 3 Calculating Cash to Close a) Total Closing Costs Section J, page 2 of CD b) Closing Costs Paid Before Closing Section J, page 2 of CD c) Closing Costs Financed For purchase transaction, likely $0 d) Down Payment/Funds From Borrower - difference between purchase price and principal loan e) Deposit - initial deposit shown as negative number.

35 Closing Disclosure Page 3 Calculating Cash to Close f) Funds For the Borrower - always $0 in a purchase transaction g) Seller Credits - shown as negative number i) Adjustments and Other Credits net of Buyer/Seller adjustments plus credits to Buyer from someone OTHER than the loan originator, lender or seller

36 Closing Disclosure Page 3 Summaries of Transactions - K04 payoff of loan in refinance - Now 2 sections for Adjustments: i) charges owed by borrower not otherwise disclosed elsewhere in the form (Rent collected by Buyer after closing) ii) charges paid by Seller in advance iii) Identify item and show time period to which the amount stated applies iv) adjustments carried over to Seller side - Section L incl. general seller credits, walk-through issue credits, second mortgage proceeds (notation for gross, net in column)

37 Closing Disclosure Page 3 Summaries of Transactions - Other Credits general credits given to the Buyer by anyone other than the Seller - Now 2 sections for Adjustments: i) charges owed to borrower not otherwise disclosed elsewhere in the form (Rent collected by Seller before closing) ii) charges not paid by Seller iii) Identify item and show time period to which the amount stated applies iv) adjustments carried over to Seller side

38 Page 3 - Refi (t)(5)(vii) Payoffs and Payments (e) Calculating Cash to Close (alternative table) - Tolerance amounts shown here - Total Closing Costs shown as negative number - Closing Costs Paid Before Closing shown as positive number - Closing Costs Financed is sum of two (except for Cash-In refi)

39 Closing Disclosure Page 4 (l) Loan Disclosures (m) Adjustable Payment (AP) Table* (n) Adjustable Interest Rate (AIR) Table* * Tables are only included if applicable

40 Closing Disclosure Page (o)-(q) (o) Loan Calculations (p) Other Disclosures (q) Questions Notice

41 Closing Disclosure Page Five (cont.) (r)-(s) (r) Contact Information (Sale) Contact information for: 1. Lender 2. Mortgage Broker 3. Real Estate Broker (B) 4. Real Estate Broker (S) 5. Settlement Agent (r) Contact information (Refinance) Contact information for: 1. Lender 2. Mortgage Broker 3. Settlement Agent (s) Signature Statement

42 Rules RE Corrected CD s Additional 3-day period for inaccurate APR (increase), change in loan product, addition of pre-payment penalty If change is NOT one of the above, no additional 3-day waiting period but must deliver no later than day of consummation and make available for inspection by borrower on day before For changes occurring within 30 days after consummation, must deliver or place in mail no later than 30 days after possession of information For non-numerical errors, must deliver within 60 days after consummation For tolerance violations not remedied at consummation, must deliver no later than 60 days after consummation along with any amount owed Lender must retain copy of Closing Disclosure and all related documents for period of five (5) years after consummation (closing)

43 INTRODUCING DOUG PITT

44 Seller s CD The Forgotten Form Settlement Agent s obligation to provide - Buyer s CD with Seller s # s added - Full CD with only Seller s # s - Seller s CD Must be delivered at/before consummation Copy to Lender For changes affecting amount paid by Seller occurring w/in 30 days after consummation, provide corrected disclosure w/in 30 days of possession of information

45 Seller s CD Page 1 (ADD SELLER S DISCLOSURE HERE)

46 Seller s CD Page 1 (ADD SELLER S DISCLOSURE HERE)

47 Seller s CD Page 2

48 Seller s CD Page 2

49 Issues to be Resolved Who can amend Final Disclosure? How will Lender and Closing software interact? Will Lenders want to do more in-house? What about the Seller s Disclosure? What is the policy on redisclosing the CD and resetting tolerances? Can rate extensions the day or two before closing be updated to charge the borrower? What if lender credits are decreasing? 49

50 Issues to be Resolved, cont d. CD must be delivered to anyone with right to rescind. How will we handle the non-borrowing spouse whose information we likely have but not guaranteed to have electronically? Where would you place Upfront fees including MI and VA or USDA Funding Fee B. Services Borrower Cannot Shop For or Prepaids + Other Gov t fees? Is a Non-owner occupied rental property a business purpose loan?

51 Issues to be Resolved, cont d. Did the CFPB s one-page guide to public on TRID make APR decreases exempt from 3 day waiting period? Will declining MI require new payment table for each change on page 1 of LE/CD? Or is a new table only required when MI falls off completely? How are lenders going to document US Mail disclosures?

52 Issues to be Resolved, cont d. Can lenders use the so-called mailbox rule for e- mail disclosures? What other disclosures are required by TRID? What are the implications of the E-SIGN Act on TRID? What will be the mechanism to ensure compliance post-closing?

53 Other QUESTIONS? 53

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