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

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1 Presented by: TILA RESPA Procedural Impacts Presenters Jon Bundy Regulatory Compliance Manager CUNA Mutual Group Theresa Reinke LOANLINER Compliance Consultant CUNA Mutual Group All rights reserved. 1

2 Agenda 1. Brief review of rule Proposed Effective Date Covered loans & creditors 2. Process and Timing Changes Cross over Period Definitions Disclosure Process Requirements 3. Disclosing No Cost loans 4. Calculating and Disclosing Tolerances 5. Other New Documents and Resources Let s go! The Rule WHAT? Combination of RESPA and TILA disclosures WHY? To create disclosures that are easier to understand and use WHEN? Proposed effective date is October 3, 2015 All rights reserved. 2

3 Which loans require the new disclosures? Include: Closed end consumer transactions Secured by real property (land) First and subordinate liens Purchases Refinances Closed end Home Equity Vacation/Second homes Loans on 25 acres or more Vacant lot loans Construction only loans Exclude Home Equity Lines of Credit (HELOCs) Reverse Mortgages Loans secured by mobile homes or dwelling not attached to real property Which Credit Unions are Covered Credit Union is considered a Creditor under Regulation Z if: 1. The credit union closes 25 or more consumer credit transactions a year (of any variety) or; 2. Closes 5 or more consumer credit transactions secured by a dwelling in the preceding calendar year. All rights reserved. 3

4 Cross-over Period At Application At Closing At Application At Closing GFE Initial TIL HUD 1 Final TIL Loan Estimate Closing Disclosure Until and on Oct 2, 2015 Proposed On & after Oct 3, 2015 Proposed New Definition of Application Consumer s name Income Social Security Number Address of the property Estimated value of property Mortgage loan amount All rights reserved. 4

5 Process Changes Timing Loan Estimate Delivered or placed in the mail 3 business days after application and 7 business days before consummation 9 Two Definitions of Business Day Every day credit union is open for business. Loan Estimate: Mail 3 days after application Loan Estimate expires in 10 days Mail Settlement Service Provider List and Home Loan Toolkit 3 days after application Revised Closing Disclosure 1 day before Every day of the year except Sundays and 10 federal holidays. Either Disclosure: If mailed, receive in 3 days Loan Estimate: Receive 7 days before consummation Closing Disclosure: Receive 3 days before consummation Mailed 6 days before All rights reserved. 5

6 Revised Loan Estimate Only if changed circumstances based on settlement charges or eligibility, defined as: Extraordinary or unexpected event Application information was inaccurate or changed New information Or if, Revisions are requested by the consumer Locking the rate causes points or Lender Credits to change Intent to proceed is more than 10 business days after Loan Estimate was provided New construction loan with a delayed settlement Loan Estimate Process Requirements Loan Estimate cannot be resent for miscalculations or underestimated fees Cannot send a revised Loan Estimate once the Closing Disclosure has been provided All rights reserved. 6

7 Loan Estimate Process Requirements Cannot charge any fee before delivering the Loan Estimate and before receiving an intent to proceed. Only exception: A bona fide and reasonable credit report fee. Cannot ask for documentation to verify information on the application before providing Loan Estimate. Fees have to be in good faith. Document intent to proceed Process for Pre-Qualified or Pre-Approval Creditor can provide a written estimate of terms or costs before the Loan Estimate May not have headings, content or format similar to the Loan Estimate or Closing Disclosure In a font no smaller that 12-point, it must say on the top of the first page: All rights reserved. 7

8 Next Loan Estimate Closing Disclosure Process Changes Timing Closing Disclosure Received 3 business days before consummation. 16 All rights reserved. 8

9 Three-Day Closing Disclosure Rule Closing Date Monday Tuesday Wednesday Thursday Friday Saturday Disclosures Due Thursday Friday Saturday Monday Tuesday Wednesday Saturday Mail Disclosures Monday Tuesday Wednesday Thursday Friday Saturday 17 Three-Day Closing Disclosure Rule Deliver on day due Hand deliver Deliver by courier with signed receipt Deliver electronically comply with E-Sign Federal Holiday If there s a holiday, add a day for delivery Three-day period is measured in days, not hours All rights reserved. 9

10 Revised Closing Disclosure Requirements Before Closing, Corrected disclosures must be provided at or before consummation and available to member the day before consummation New three day waiting period before closing APR inaccurate Loan product changed Prepayment penalty added Revised Closing Disclosure Requirements After Closing, If during 30 days after consummation and if borrower amount changes, send revision within 30 days of discovering error Changes due to clerical errors, send revision within 60 days Send refunds for tolerance violations and revised disclosures within 60 days All rights reserved. 10

11 Next No Cost Loans Lender Credits Disclosing No Cost or Low Cost Loans Lender Credits: Paid to borrower to offset closing costs General or specific Cannot be reduced on the Closing Disclosure Lender Credits General - Disclose all credits on Lender Credits lines on both the LE and CD Specific - Disclose credit on Lender Credits line on LE. Disclose each fee credit in Paid by Others column on CD. All rights reserved. 11

12 LE No Cost Loans Lender Credits LE No Cost Loan Lender Credits All rights reserved. 12

13 LE No Cost Loan Lender Credits CD No Cost Loan Specific Lender Credits All rights reserved. 13

14 CD No Cost Loan Specific Lender Credits CD No Cost Loan Specific Lender Credits All rights reserved. 14

15 CD No Cost Loan Specific Lender Credits Next Tolerances All rights reserved. 15

16 Tolerance Changes Zero Tolerance 10% Aggregate No Tolerance Limit Fees to lender or affiliate New! Fees to third party provider if the member cannot shop for service Transfer taxes Third-Party services where: Member can shop and is given list Member picks provider from list Recording Fees Cost can change Fees out of creditor s control or not required by creditor Worksheet for Calculating Tolerances All rights reserved. 16

17 Calculating Tolerance Corrections - 1 Calculating Tolerance Corrections - 2 All rights reserved. 17

18 Correcting a Tolerance Violation - No Seller Correcting a Tolerance Violation With Seller All rights reserved. 18

19 Next Other New Documents Resources New Documents Settlement Service Providers List Provided if member is allowed to shop for a settlement service Must identify at least one provider for each service when the member can shop Provided no later than the 3 rd business day after application All rights reserved. 19

20 New Documents Escrow Cancellation Notice: Needed on 1 st liens with escrows Describes who is closing the escrow States the member must now pay costs that were previously escrowed Discloses consequences if member fails to pay taxes or costs New Documents Your Home Loan Toolkit Only used for purchases Designed to be used with Loan Estimate and Closing Disclosure Replaces current Settlement Cost booklet Provided no later than the 3 rd business day after application All rights reserved. 20

21 Resources from LOANLINER Documents LOANLINER Real Estate Lending page ( Loan Estimate/Closing Disclosure On-Demand Learning Module Training on how to complete the disclosures On-line resource for the future Review the four previous TILA RESPA webinars Register for bi-weekly TRID Talk sessions Thursdays in July and August Identify What you need to know resource guide for everyone at the CU Access TILA RESPA Overview elearning Check out High-Level Activity Timeline guide for implementation Learn from TILA RESPA FAQs key questions from credit unions Resources from CFPB CFPB Resources to help you comply with TILA-RESPA Integrated Disclosure rule implementation Compliance Guide is a plain-language guide to the new rules in a FAQ format which makes the content more accessible for industry constituents. Guide to Forms provides detailed, illustrated instructions on completing the Loan Estimate and Closing Disclosure. Short Summary of the TILA/RESPA Rule is a seven page summary of TILA/RESPA rule. Supervision and Examination Manual is a guide to get an understanding of where the examiner s focus will lie for TILA/RESPA. Final Rule All rights reserved. 21

22 What Questions Do You Have? Information provided in this presentation, including all materials, should not be construed as legal services, legal advice, or in any way establishing an attorney-client relationship. Credit unions should contact their own legal counsel for advice. Information may have changed since this presentation was prepared. This information is intended to only be a summary of the issues. 44 All rights reserved. 22

23 45 All rights reserved. 23

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