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

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1 TRID with Norman Roos, Robinson and Cole LLP William McCue, McCue Mortgage Company Lawrence Garfinkel, Hunt Leibert Jacobson P.C. Jeremy Potter, Norcom Mortgage

2 Agenda Introduction Overview and Framework 10 Things Realtors Need to Know Lender s Perspective Settlement Service Provider s Perspective Helpful Information Q&A

3 What is the CFPB? Created by the Dodd-Frank Act Mission: to make markets for consumer financial products and services work for Americans. The Bureau regulates mortgage lending transactions What has the Bureau done? o Researched and surveyed consumers o Determined mortgage disclosures should be easier to understand o Solution: integrate the three main disclosure forms 1. Truth in Lending (TIL) 2. Good Faith Estimate (GFE) 3. HUD-1 Settlement Statement

4 CFPB Authority in our Industry Alternative Mortgage Transaction Parity Act Consumer Leasing Act of 1976 Electronic Fund Transfer Act* Equal Credit Opportunity Act Fair Credit Billing Act Fair Credit Reporting Act* Home Owners Protection Act of 1998 Fair Debt Collection Practices Act Federal Deposit Insurance Act* Gramm-Leach-Bliley Act* Home Mortgage *Indicates that portions of this Act transferred to the CFPB while other portions did not. Home Ownership and Equity Protection Act of 1994 Real Estate Settlement Procedures Act of 1974 S.A.F.E. Mortgage Licensing Act of 2008 Truth in Lending Act Truth in Savings Act Omnibus Appropriations Act of 2009* Interstate Land Sales Full Disclosure Act Mortgage Reform and Anti-Predatory Lending Act* Disclosure Act of

5 CFPB Goals Consumer Protection means transparency Improved consumer understanding Short-term and long-term costs Monthly payments Comparisons of competing loan offers Shopping for closing costs Avoiding costly surprises at the closing table Easier comparisons of the estimated and final loan terms of the loan More time to consider choices Limits on closing cost increases

6 CFPB Leniency I'm pushing hard for it to happen before October 3. I'd hoped that it would happen before today. It is going to happen. "There will be time for them to work to get it right and not have to be perfect on the first day. - Richard Cordray, CFPB, September 28, 2015

7 Liability- Administrative CFPB enforcement under Sec of Dodd-Frank Act May hold administrative proceedings or bring court actions for violating any provision of Federal consumer financial law Relief may include o Contract rescission/reformation o Refunds or return of property o Restitution o Payment of damages o Public notification regarding violation o Civil money penalties (accumulate for as long as violation exists or failure to reimburse continues!)

8 What is TRID? TILA RESPA Integrated Disclosure Rule For those keeping score at home, that s an acronym of an acronym Loan Estimate (LE) replaces Good Faith Estimate (GFE) and Initial Truth-in-Lending (TIL) Closing Disclosure (CD) replaces HUD-1 and Final TIL Implementation date is October 3rd!

9 Yes, this is real. Loan applications submitted on or after Use Current Disclosures October 3rd Use New Disclosures

10 New Terms to Know Lender is the creditor Borrower is the consumer Changes to charges disclosed on the new disclosure forms are variations Consummation is not the same thing as settlement and closing

11 #1 All new loan applications as of Saturday (10/3) under the new rules o All lenders o All residential mortgage loans o Everyone in the country

12 Loan Estimate The New Forms Must Be Used with Respect to Any Residential Mortgage Applications Received on or After October 3, 2015 No change for the following: o Cannot Impost Fees (Except for credit report) Before Consumer Receives Loan Estimate and Indicates Intent to Proceed o Cannot Require Submission of Verification Documents We were not allowed to use the New Forms before Effective Date

13 Delivery of Loan Estimate LE must be delivered or placed in mail no later than the third business day after loan application received by creditor When is an application received by the creditor? o When consumer gives the following information to creditor: 1. Name 2. Income 3. Social security number (for credit report) 4. Property address 5. Estimated property value 6. Mortgage loan amount sought The Loan Estimate must be delivered no later than 7 th business day before consummation creates waiting period o May only be waived for a bona fide financial emergency (requires written statement by consumer)

14 #2 Lenders cannot require verification documents or charge fees other than credit report fees

15 Loan Estimate LO can ask consumer for other information beyond 6 items, but not verification documents LO can stage information collection to avoid or delay triggering event But as soon as LO receives sixth item, it is an Application, whether the LO requested it or not LO can not charge for fees except for credit report

16 #3 PreQualifications and PreApprovals still available *just a little more complicated

17 Loan Estimate What about PreApprovals/PreQualifications? OK to ask for account numbers, balances, etc. OK to ask for employment information But cannot REQUIRE verification documents o o VOD, VOE, etc. Voluntary submission ok OK to ask about purchase terms But cannot ask for copy of Purchase & Sale Agreement

18 #4 Lenders must finalize everything include interest rates and adjustments much earlier in the process

19 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 o Closing disclosure must be received by consumer no later than three business days (Sundays and holidays) before closing o Be careful of this prohibition if closing disclosure is provided early o Important for lenders that allow consumer to rate lock during application

20 #5 New receipt of disclosure requirements increase demands on lenders and consumers alike

21 Closing Disclosure Creditors are responsible for CD s: o Accuracy o Delivery to consumer Several lenders intend to handle preparation and delivery Some lenders may use settlement agents for prep and delivery The keys to compliance are communication and collaboration!

22 Delivery Methods 1. In Person: received on day of delivery 2. USPS or Private Courier The Mailbox Rule : receipt by consumer presumed three days after mailing through USPS No Mailbox Rule for private couriers burden on sender to prove receipt by consumer 3. Mailbox Rule applies unless creditor obtains evidence of receipt by consumer (then treated same as In Person) Must comply with Federal E-Sign requirements Consumer s consent to communicate electronically required Must protect NPI (encryption)

23 #6 New Closing Disclosure (CD) includes additional federal contact details and lender/broker/agent contact information

24 Closing Disclosure Page 5 - top (o)-(q) 24

25 Closing Disclosure Page Five (cont.) (r)-(s) Signature 25

26 #7 Delays are possible (at first!) but most won t be dictated by the rules

27 Closing Disclosure How are changes before consummation handled? When change occurs between delivery and consummation, revised form provided to consumer at or before consummation EXCEPT Creditors must provide a new CD and an additional 3 day waiting period when the following changes occur: 1. APR changes 1/8 of a percent generally, and ¼ for irregular loans 2. Pre-payment penalty added 3. Different Loan product (e.g., adjustable rate to fixed)

28 #8 Trusted business partners have never been more important

29 Importance of Providers List List must be provided within same timeframe as Loan Estimate o But separate from Loan Estimate o New Model list provided by CFPB Identified services must match Services Identified as Shoppable on Loan Estimate Form Dictates whether consumer can choose the attorney or settlement agent

30 #9 30 day closing is not a thing of the past but might be rare in first 2 months

31 Purchase and Sale Contracts Concerns Revised contracts or amendments o GHAR o CBA Adjustments o Oil Adjustments o Water and Sewer o HOA Mortgage Contingency Date and Closing Date o 30/45 45/60

32 #10 Last minute changes pose serious logistical challenge

33 Walk Through Inspection Concerns CFPB stated emphatically on June 3, 2015 that this will not cause delays However that may or may not be true: o Investor Guidelines? o Large Repair Items (Chimney, Roof, Electrical, Plumbing, etc.) Repair items should not be completed prior to closing They should be completed 15 days before the closing date in the contract Suggestion: Schedule a walk through to check on the repair items Who is making the changes to the CD? Do a walkthrough the day before the closing, not the day of o This will allow the lender to make changes for any repair items

34 What else do you need to know? What lenders are using? o What settlement agents are using? o What can we expect in the future? o Additional guidance (at some point) o Secondary market overlays o Clarification on certain loan products, if necessary

35 Will the Loan Estimate be Revised? Generally, creditors cannot revise LE once provided to consumer, even when technical errors identified after delivery LE may only be revised for changed circumstance, which is: o Extraordinary event beyond control of an interested party; or o Info creditor relied on for LE becomes inaccurate; or o New consumer-specific info available, which creditor must rely on to provide LE

36 Permitted Revisions As a general rule cannot issue a revised loan estimate disclosure to correct o Technical errors or omissions o Miscalculations o Underestimated charges A revised loan estimate is permitted if the borrower requests revisions to the credit terms or settlement o But only if the requested revision causes an estimated charge to increase

37 Three Day Rule Chart Provided by American Land Title Association

38 CD Form

39

40 Closing Disclosure How are changes after consummation handled? Creditor must correct CD and redisclose when: o Numeric Error Discovered. Re-disclose within 30 calendar days of discovery. o Non-numeric clerical error discovered. Re-disclose within 60 days of consummation. o Tolerance violation discovered. Re-disclose within 60 days of consummation.

41 Seller s Closing Disclosure Protecting Non-public Personal Information (NPI) Settlement agent must provide CD to seller by or at consummation Buyer CD discloses NPI about consumer and mortgage loan Protecting NPI seller s CD does not disclose buyer s transaction

42 Challenges Selling and buying on the same day? Stacked closings? Paralegal is not making the changes, Lender is making the changes o How responsive? o Where is the processing center? o Last day of the month? o After 5 PM or before 9 AM?

43 Helpful Tips Commission Statements o We will need them early so send with contracts o Include Name and Address of Company as well as Company License Number, Agent License Number, Agent Phone Number & Address Homeowners Insurance o Encourage Buyers to start looking for an Insurance Agent when they start looking for a house o Encourage Buyers to contact Agent and procure insurance once the contract is signed

44 Closing Thoughts Closing Date o Will be smoother if Closing Date is not last day of the month Have as much of the negotiations put into the contract as possible Know how your buyers want to receive the disclosures o Are the tech savvy? ? Log into Portal? o If not, the Disclosures will have to be mailed add one week

45 The Keys to Success Communication Collaboration

46 Questions?

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