Consumer Financial Protection Bureau (CFPB) Proposes Integrated Mortgage Loan Disclosures

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Consumer Financial Protection Bureau (CFPB) Proposes Integrated Mortgage Loan Disclosures"

Transcription

1 Carmen J. Bauccio, Compliance Manager Enterprise Government, Risk & Compliance (EGRC) Solutions

2 On July 9, 2012, the Consumer Financial Protection Bureau, (CFPB), issued a proposed rule with a request for comments, to combine certain mortgage loan disclosures required under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). The CFPB plans to issue final rules in January The Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA) was signed into law on July 21, The DFA directs the CFPB to issue proposed rules and forms that combine certain disclosures under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) that consumers receive in connection with applying for and closing on a mortgage loan transaction. Because different regulating bodies were responsible for developing and maintaining their own disclosures for over 30 years, the information on the existing disclosures is overlapping and the language is inconsistent. As a result, the CFPB was involved in extensive consumer and industry research, and public outreach for over a year. Both the TILA and the REPSA require that creditors provide consumers with a good faith estimate of charges within three business days after receiving the consumer s mortgage loan application, as well as providing the consumer with a list of closing costs prior to loan settlement. The proposed rule applies to most closed-end consumer mortgages. However, the proposed rule does not apply to home equity lines of credit, reverse mortgages, mortgages secured by a mobile home, a dwelling that is not attached to real property (i.e. land), or creditors that make five or fewer mortgage loans per year. The proposed rule will replace RESPA s Good Faith Estimate and the initial Truth in Lending disclosure with a new Loan Estimate disclosure, and RESPA s HUD-1 Settlement Statement and the final Truth in Lending disclosure with a new Closing Disclosure. These new disclosure forms also contain new disclosure requirements as mandated by the DFA. The forms use clear language and design to make it easier for consumers to locate key information such as interest rate, monthly payments, and costs to close the loan. The forms also provide more information to help consumers decide whether they can afford the loan and to compare the cost of different loan offers, including the cost of the loan over time. In developing the new Loan Estimate form and Closing Disclosure form, the Bureau has reconciled the differences between the existing forms and combined several other mandated disclosures. The Bureau also has responded to industry complaints of uncertainty about how to fill out the existing forms by providing detailed instructions on how to complete the new forms. This should reduce the burden on lenders and others in preparing forms in the future. The Loan Estimate Form The Loan Estimate form is designed to provide disclosures that will be helpful to consumers in understanding the key features, costs, and risks of the mortgage for which they are applying. This form will be provided to consumers within three business days after they submit a loan application. The Loan Estimate form also incorporates the following new disclosures required by Congress under the DFA: a) Provision by mortgage broker, b) Timing, c) Limitation on Fees, and d) Disclaimer on early estimates. Each of these new disclosures is explained below. Provision by mortgage broker - The lender may rely on a mortgage broker to provide the Loan Estimate form. However, the lender remains responsible for the accuracy of the form FIS and/or its subsidiaries. All Rights Reserved. 2

3 Timing - The lender or broker must give the form to the consumer within three business days after the consumer applies for a mortgage loan. The proposed rule contains a specific definition of what constitutes an application for these purposes. Limitation on fees - Consistent with current law, the lender generally cannot charge consumers any fees until after the consumer has been given the Loan Estimate form and the consumer has communicated an intent to proceed with the transaction. There is an exception that allows lenders to charge fees to obtain consumers credit reports. Disclaimer on early estimates - Lenders and brokers may provide consumers with written estimates prior to application. However, the proposed rule requires that any such written estimates contain a disclaimer to prevent confusion with the Loan Estimate form. This disclaimer would not be required for advertisements. The Closing Disclosure Form The Closing Disclosure form is designed to provide disclosures that will be helpful to consumers in understanding all of the costs of the transaction. This form will be provided to consumers three business days before they close on a loan. The Closing Disclosure form also incorporates the following new disclosures required by Congress under the DFA: a) Timing, and b) Provision. Each of these new disclosures is explained below. Timing - The lender must give consumers this Closing Disclosure form at least three business days before the consumer closes on the loan. Generally, if changes occur between the time the Closing Disclosure form is given and the closing, the consumer must be provided a new form. When that happens, the consumer must be given three additional business days to review that form before closing. However, the proposed rule contains an exception from the three-day requirement for some common changes. These include changes resulting from negotiations between buyer and seller after the final walkthrough. There also is an exception for minor changes which result in less than $100 in increased costs. The Bureau seeks comment on whether to permit additional changes without requiring a new three-day period before closing. Provision - Currently, settlement agents are required to provide the HUD-1, while lenders are required to provide the revised Truth in Lending disclosure. The Bureau is proposing two alternatives for who is required to provide consumers with the new Closing Disclosure form. Under the first option, the lender would be responsible for delivering the Closing Disclosure form to the consumer. Under the second option, the lender may rely on the settlement agent to provide the form. However, under the second option, the lender would also remain responsible for the accuracy of the form. The Bureau seeks comment as to which alternative is preferable Limits on Closing Cost Increases Similar to existing law, the proposed rule would restrict the circumstances in which consumers can be required to pay more for settlement services the various services required to complete a loan, such as appraisals, inspections, etc. than the amount stated on their Loan Estimate form. Unless an exception applies, charges for the following services could not increase: (1) the lender s or mortgage broker s charges for its own services; (2) charges for services provided by an affiliate of the lender or mortgage broker; and (3) charges for services for which the lender or mortgage broker does not permit the 2013 FIS and/or its subsidiaries. All Rights Reserved. 3

4 consumer to shop. Moreover, unless an exception applies, charges for other services generally could not increase by more than 10 percent. The rule would provide exceptions, for example, when: (1) the consumer asks for a change; (2) the consumer chooses a service provider that was not identified by the lender; (3) information provided at application was inaccurate or becomes inaccurate; or (4) the Loan Estimate expires. When an exception applies, the lender generally must provide an updated Loan Estimate form within three business days. Changes to the APR (Annual Percentage Rate) The proposed rule redefines the way the Annual Percentage Rate or APR is calculated. Under the proposed rule, the APR will encompass almost all of the up-front costs of the loan. This will make it easier for consumers to use the APR to compare loans and easier for industry to calculate the APR. Recordkeeping The proposed rule requires lenders to keep records of the Loan Estimate and Closing Disclosure forms provided to consumers in a standard electronic format. This will make it easier for regulators to monitor compliance. The CFPB seeks comment on whether smaller lenders should be exempt from this requirement. Lenders must keep evidence of compliance for three years and a copy of the Closing Disclosure for five years. Comments on parts of this proposed rule must be received by September 7, 2012, but the comment period for other portions of the proposal will be open until November 6, The CFPB also proposed a rule to implement changes to the Home Ownership and Equity Protection Act (HOEPA) with respect to mortgages with high interest rates, fees or prepayment penalties. For mortgage loans that meet the high-cost definition, CFPB proposes to: Ban balloon payments and prepayment penalties Ban fees for modifying loans; cap late fees; and restrict the charging of fees for providing a mortgage payoff statement Require loan counseling for high-cost mortgage applicants The CFPB is seeking comment on when this final rule should be effective. Because the final rule will provide important benefits to consumers, the CFPB seeks to make it effective as soon as possible. However, the CFPB understands that the final rule will require lenders, mortgage brokers, and settlement agents to make extensive revisions to their software and to retrain their staff. In addition, some entities will be required to implement other Dodd-Frank Act provisions, which are subject to separate rulemaking deadlines under the statute and will have separate effective dates. Therefore, the CFPB is seeking comment on how much time industry needs to make these changes. The CFPB is proposing to delay compliance with certain new disclosure requirements contained in the Dodd-Frank Act until the CFPB s final rule takes effect. The CFPB is currently awaiting / reviewing all comments received up through the comment deadline of November 6, 2012; however, some comments were due by September 7, Upon review, the CFPB plans to issue final regulations in January FIS and/or its subsidiaries. All Rights Reserved. 4

5 About the Author Mr. Carmen J. Bauccio brings 21 years of banking experience to FIS. His experience and expertise includes internal audit, regulatory compliance, and information technology audits, legal items processing (e.g. IRS Levies, Subpoenas, etc.), as well as in all areas of banking operations including commercial / consumer / mortgage lending, deposit operations, Sarbanes- Oxley, credit administration, accounting and finance, and advertising reviews for compliance with all regulations / laws. Previous Experience Carmen was formerly an Assistant Vice President & Senior Manager at a savings bank where he was responsible for Managing Internal Audit/Compliance staff, internal audits (financial, operational, information technology), compliance reviews, performing internal audits/compliance reviews, monitoring progress, supervising / training staff, writing audit reports, communicating findings with clients, reporting audit/compliance activity to senior management / audit committees, providing high-level training to board of directors/audit committee, reviewing all bank advertisements for compliance with applicable laws/regulations, and conducting compliance committee meetings. In his role as Senior Manager, he also coordinated examination reviews with regulators from the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, State Department of Banking. While assigned to the Audit/Compliance/Risk department, Carmen performed regulatory compliance reviews, either separately or integrated within internal audits of all areas of bank operations such as lending, deposit operations, nondeposit investment products, information technology, involving both PA, OH, and WV State banking laws and regulations and Federal consumer banking regulations. Carmen has also held officer roles (i.e. Vice President, Executive Vice President, and President) with The Institute of Internal Auditors Pittsburgh Chapter, as well as serving as a Board of Governor for two years. His current involvement within The IIA Pittsburgh Chapter is 15 years. Specific Skill Sets Performed internal audits of commercial banks, involving regulatory compliance; underwriting; credit administration; internal controls, lending reviews, deposit operations, non-deposit investment products, and information technology reviews. Ensured compliance with relevant laws, regulations, rules and best practices pertaining to but, not limited to FRB Regulations B, C, D, E, O, P, V, Z, AA, BB, CC, DD; BSA/KYC; OFAC; HUD Regulation X (RESPA); Anti-tying, Foreign Corrupt Practices; Fair Lending; FDICIA; and, applicable State banking laws (i.e. Abandoned Property, mortgage banking). Performed internal audits of deposit operations and services including NACHA, and wire transfers. Development of Sarbanes-Oxley and FDICIA narratives; development of testing programs; and testing of internal controls Conducted audit risk assessments that lead to development of audit plans Performed compliance risk assessments and developed compliance monitoring programs Conducted compliance committee meetings for the bank 2013 FIS and/or its subsidiaries. All Rights Reserved. 5

6 Certifications Certified Financial Services Auditor (CFSA) Working towards certification as a Certified Regulatory Compliance Manager (CRCM) Education Bachelor of Science in business administration, Robert Morris College Contact us FIS Enterprise Governance, Risk and Compliance (EGRC) Solutions FIS and/or its subsidiaries. All Rights Reserved. 6

Why real estate professionals, mortgage lenders and closing agents have to coordinate tasks during a real estate transaction.

Why real estate professionals, mortgage lenders and closing agents have to coordinate tasks during a real estate transaction. Why real estate professionals, mortgage lenders and closing agents have to coordinate tasks during a real estate transaction. The new Closing Disclosure replaces the current HUD-1 Settlement Statement

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

TRUSTED INTELLIGENCE 1

TRUSTED INTELLIGENCE 1 TRUSTED INTELLIGENCE 1 POINT OF VIEW CFPB Know Before You Owe 2 Background The Consumer Financial Protection Bureau (CFPB) established new disclosure rules that become effective on mortgage applications

More information

NORTH AMERICAN TITLE COMPANY Like Clockwork. www.nat.com/cfpb

NORTH AMERICAN TITLE COMPANY Like Clockwork. www.nat.com/cfpb NORTH AMERICAN TITLE COMPANY Like Clockwork www.nat.com/cfpb UNDERSTANDING THE NEW LOAN ESTIMATE AND CLOSING DISCLOSURE FORMS American Title, we want to make sure all of our customers have the information

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

The Federal Register published the proposed rule on August 23, 2012.

The Federal Register published the proposed rule on August 23, 2012. CFPB Issues Draft RESPA-TILA Proposed Rules On July 9, the Consumer Financial Protection Bureau ( Bureau or CFPB ) released draft proposed rules and model forms that combine the required disclosures under

More information

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

Understanding the CFPB s TILA-RESPA Integrated Disclosures. Marvin Stone SVP, Business Integration CFPB Program Manager Stewart Title Guaranty Corp. Understanding the CFPB s TILA-RESPA Integrated Disclosures Marvin Stone SVP, Business Integration CFPB Program Manager Stewart Title Guaranty Corp. A Brief History. Truth-in-Lending Act (TILA) of 1968

More information

All in Good Faith. mortgagedashboard. How Know Before You Owe Changes Everything. Jorge Sauri jorges@mortgagedashboard.com

All in Good Faith. mortgagedashboard. How Know Before You Owe Changes Everything. Jorge Sauri jorges@mortgagedashboard.com All in Good Faith How Know Before You Owe Changes Everything. Jorge Sauri jorges@mortgagedashboard.com mortgagedashboard August 1, 2015, marks the end of a long road for federal regulations that promise

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 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

November 6, 2012. The Honorable Richard Cordray Director Consumer Financial Protection Bureau 1700 G Street NW Washington, DC 20006-4702

November 6, 2012. The Honorable Richard Cordray Director Consumer Financial Protection Bureau 1700 G Street NW Washington, DC 20006-4702 November 6, 2012 The Honorable Richard Cordray Director Consumer Financial Protection Bureau 1700 G Street NW Washington, DC 20006-4702 Re: Integrated Mortgage Disclosures under the Real Estate Settlement

More information

TRID Survival Guide: Consumer Edition

TRID Survival Guide: Consumer Edition TRID Survival Guide: Consumer Edition What you need to know about the TILA-RESPA Integrated Closing Disclosures. NFM Lending NMLS # 2893 Toll-Free: 1-888-233-0092 www.nfmlending.com Introduction NFM Lending

More information

A New Era in Closings CFPB s Final Rule for Integrated Mortgage Disclosures. Michelle L. Korsmo Chief Executive Officer Steven Gottheim Counsel

A New Era in Closings CFPB s Final Rule for Integrated Mortgage Disclosures. Michelle L. Korsmo Chief Executive Officer Steven Gottheim Counsel A New Era in Closings CFPB s Final Rule for Integrated Mortgage Disclosures Michelle L. Korsmo Chief Executive Officer Steven Gottheim Counsel Agenda Basics: Why We re Here Final Rule The New Forms Evaluating

More information

NOVEMBER 20, 2013. What the new simplified mortgage disclosures mean for consumers

NOVEMBER 20, 2013. What the new simplified mortgage disclosures mean for consumers NOVEMBER 20, 2013 What the new simplified mortgage disclosures mean for consumers Mortgages are complex transactions that may include risky features, so we ve issued a rule that will simplify and improve

More information

Regulatory Practice Letter February 2013 RPL 13-07

Regulatory Practice Letter February 2013 RPL 13-07 Regulatory Practice Letter February 2013 RPL 13-07 High Cost Mortgages and Homeownership Counseling; Escrow Requirements - CFPB Final Rules Executive Summary The Bureau of Consumer Financial Protection

More information

Changes in Mortgage Regulation in 2013 Katie Wechsler December, 2012

Changes in Mortgage Regulation in 2013 Katie Wechsler December, 2012 Changes in Mortgage Regulation in 2013 Katie Wechsler December, 2012 In 2011 and 2012 the Federal banking agencies proposed several regulations to the mortgage industry, none of which have been finalized,

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

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

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

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

Policy Guidance on Supervisory and Enforcement Considerations Relevant to Mortgage

Policy Guidance on Supervisory and Enforcement Considerations Relevant to Mortgage BILLING CODE: 4810-AM-P BUREAU OF CONSUMER FINANCIAL PROTECTION Policy Guidance on Supervisory and Enforcement Considerations Relevant to Mortgage Brokers Transitioning to Mini-Correspondent Lenders AGENCY:

More information

CFPB Issues Much Anticipated Final Rules: Ability to Repay, Qualified Mortgages, Escrow Requirements and Homeownership Counseling

CFPB Issues Much Anticipated Final Rules: Ability to Repay, Qualified Mortgages, Escrow Requirements and Homeownership Counseling CFPB Issues Much Anticipated Final Rules: Ability to Repay, Qualified Mortgages, Escrow Requirements and Homeownership Counseling The Consumer Financial Protection Bureau ( CFPB ) issued their much anticipated

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

High-Cost Mortgage and Homeownership Counseling Amendments to the Truth in

High-Cost Mortgage and Homeownership Counseling Amendments to the Truth in BUREAU OF CONSUMER FINANCIAL PROTECTION BILLING CODE: 4810-AM-P 12 CFR Parts 1024 and 1026 [Docket No. CFPB-2012-0029] RIN 3170-AA12 High-Cost Mortgage and Homeownership Counseling Amendments to the Truth

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

DATES: Comments must be submitted on or before [INSERT DATE 60 DAYS AFTER PUBLICATION IN THE FEDERAL REGISTER].

DATES: Comments must be submitted on or before [INSERT DATE 60 DAYS AFTER PUBLICATION IN THE FEDERAL REGISTER]. This document is scheduled to be published in the Federal Register on 06/23/2015 and available online at http://federalregister.gov/a/2015-15412, and on FDsys.gov FEDERAL RESERVE SYSTEM Proposed Agency

More information

The New Mortgage Servicing Rules. FMS East Coast Regional Conference September 17, 2013

The New Mortgage Servicing Rules. FMS East Coast Regional Conference September 17, 2013 The New Mortgage Servicing Rules FMS East Coast Regional Conference September 17, 2013 What are the new Mortgage Servicing Rules? Ability to Repay/Qualified Mortgage Rule 2013 HOEPA Rule Loan Originator

More information

This booklet was initially prepared by the Board of Governors of the Federal Reserve System. The Consumer Financial Protection Bureau (CFPB) has made

This booklet was initially prepared by the Board of Governors of the Federal Reserve System. The Consumer Financial Protection Bureau (CFPB) has made This booklet was initially prepared by the Board of Governors of the Federal Reserve System. The Consumer Financial Protection Bureau (CFPB) has made technical updates to the booklet to reflect new mortgage

More information

CFPB and Lenders. A presentation on the Consumer Financial Protection Bureau and its impact on the lending industry

CFPB and Lenders. A presentation on the Consumer Financial Protection Bureau and its impact on the lending industry CFPB and Lenders A presentation on the Consumer Financial Protection Bureau and its impact on the lending industry What is the Consumer Financial Protection Bureau (CFPB)? Independent agency of the United

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

FINANCE HELPLINE PRESENTS: TRID WHAT TO EXPECT ON AUG. 1ST finance.car.org (213) 739-8383 financehelpline@car.org

FINANCE HELPLINE PRESENTS: TRID WHAT TO EXPECT ON AUG. 1ST finance.car.org (213) 739-8383 financehelpline@car.org FINANCE HELPLINE PRESENTS: TRID WHAT TO EXPECT ON AUG. 1ST finance.car.org (213) 739-8383 financehelpline@car.org Thank you for joining the Webinar! We will begin at 11:00 a.m. Your phone will be muted,

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

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

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

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

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

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

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

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

Title XIV - Mortgage Reform and Anti-Predatory Lending Act. Short title: "Mortgage Reform and Anti-Predatory Lending Act"

Title XIV - Mortgage Reform and Anti-Predatory Lending Act. Short title: Mortgage Reform and Anti-Predatory Lending Act Title XIV - Mortgage Reform and Anti-Predatory Lending Act Short title: "Mortgage Reform and Anti-Predatory Lending Act" Subtitles A, B, C, and E are designated as Enumerated Consumer Law under the Bureau

More information

Bureau of Consumer Financial Protection. No. 158 August 15, 2012. Part III

Bureau of Consumer Financial Protection. No. 158 August 15, 2012. Part III Vol. 77 Wednesday, No. 158 August 15, 2012 Part III Bureau of Consumer Financial Protection 12 CFR Parts 1024 and 1026 High-Cost Mortgage and Homeownership Counseling Amendments to the Truth in Lending

More information

National Banker Call

National Banker Call National Banker Call Loan Originator Compensation and HOEPA Final Rules Thursday, June 6, 2013 The information contained in this presentation is for informational purposes only and is provided as a public

More information

December 22, 2010. Dear Ms. Johnson,

December 22, 2010. Dear Ms. Johnson, December 22, 2010 Jennifer J. Johnson Secretary Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, NW Washington, DC 20551 Docket No. R 1390, Dear Ms. Johnson, The Conference

More information

Sandra L. Thompson Director Division of Risk Management Supervision 1 / Mark E. arce j1 Director Division of Depo or and Corsurner Protection

Sandra L. Thompson Director Division of Risk Management Supervision 1 / Mark E. arce j1 Director Division of Depo or and Corsurner Protection December 21, 2012 MEMORANDUM TO: The Board of Directors FROM: SUBJECT: Sandra L. Thompson Director ~w Division of Risk Management Supervision 1 / 4 Mark E. arce j1 Director Division of Depo or and Corsurner

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

Break Out Session: Mortgage Loan Underwriting and Pricing

Break Out Session: Mortgage Loan Underwriting and Pricing Break Out Session: Mortgage Loan Underwriting and Pricing Agenda Ability to Repay (ATR)/Qualified Mortgages (QMs) Effective Date: Applications received on or after January 10, 2014 2013 Home Ownership

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

New Lending Laws Affecting the Way we Do Business! Presented by Dawn Enoch Moore Texas Land Title Association 2014-2015 President

New Lending Laws Affecting the Way we Do Business! Presented by Dawn Enoch Moore Texas Land Title Association 2014-2015 President New Lending Laws Affecting the Way we Do Business! Presented by Dawn Enoch Moore Texas Land Title Association 2014-2015 President Consumer Financial Protection Bureau (CFPB) Independent bureau within the

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

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

TITLE I-RESIDENTIAL MORTGAGE LOAN ORIGINATION STANDARDS

TITLE I-RESIDENTIAL MORTGAGE LOAN ORIGINATION STANDARDS TITLE I-RESIDENTIAL MORTGAGE LOAN ORIGINATION STANDARDS Residential Mortgage Origination: Adds a number of new regulations and requirements to mortgage loan originators. The bill requires originators to

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

The CFPB Finalizes New Mortgage Servicing Rules

The CFPB Finalizes New Mortgage Servicing Rules A DV I S O RY April 2013 The CFPB Finalizes New Mortgage Servicing Rules On January 17, 2013, the Consumer Financial Protection Bureau (CFPB) finalized rules implementing the mortgage loan servicing requirements

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

January 2013 CFPB Mortgage Rules: Charts Detailing Coverage of Transactions March 2013

January 2013 CFPB Mortgage Rules: Charts Detailing Coverage of Transactions March 2013 January 2013 CFPB Mortgage s: Charts Detailing Coverage of Transactions March 2013 2013 Morrison & Foerster LLP All Rights Reserved mofo.com In January 2013, the Consumer Financial Protection Bureau (CFPB)

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

Bureau of Consumer Financial Protection. Part II

Bureau of Consumer Financial Protection. Part II Vol. 77 Thursday, No. 164 August 23, 2012 Part II Bureau of Consumer Financial Protection 12 CFR Parts 1024 and 1026 Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation

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

Amendments to the 2013 Integrated Mortgage Disclosures Rule under the Real Estate

Amendments to the 2013 Integrated Mortgage Disclosures Rule under the Real Estate BILLING CODE: 4810-AM-P BUREAU OF CONSUMER FINANCIAL PROTECTION 12 CFR Parts 1024 and 1026 Docket No. CFPB-2014-0028 RIN 3170-AA48 Amendments to the 2013 Integrated Mortgage Disclosures Rule under the

More information

Mortgage Lending laws and how it affects you, the REALTOR. Presented by Anders Hostelley and Leonard Loventhal

Mortgage Lending laws and how it affects you, the REALTOR. Presented by Anders Hostelley and Leonard Loventhal Mortgage Lending laws and how it affects you, the REALTOR. Presented by Anders Hostelley and Leonard Loventhal Secure and Fair Enforcement for Mortgage Licensing Act Title V of P.L. 110-289, the Secure

More information

Principal Lending Manager Education Curriculum Outline 40 Hours

Principal Lending Manager Education Curriculum Outline 40 Hours Principal Lending Manager Education Curriculum Outline 40 Hours Utah Division of Real Estate PO Box 146711 Salt Lake City, UT 84114-6711 Subject Matter Number of Hours 1. General Mortgage Industry Knowledge

More information

MLO COMPENSATION, REGULATION Z, AND DODD-FRANK ACT

MLO COMPENSATION, REGULATION Z, AND DODD-FRANK ACT MLO COMPENSATION, REGULATION Z, AND DODD-FRANK ACT Vermont Mortgage Bankers Association & Mortgage Bankers/Brokers Association of NH Mortgage Compliance Conference Thursday, March 3, 2011 Sean P. Mahoney

More information

CFPB Regulations. Review & Enforcement

CFPB Regulations. Review & Enforcement CFPB Regulations Review & Enforcement Agenda Welcome Overview 2014 Regulations Loan Originator Compensation and Training, Certification, and Identifier Disclosure High-Cost/HOEPA Mortgage Loans & Homeownership

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

ESCROW REQUIREMENTS UNDER TILA

ESCROW REQUIREMENTS UNDER TILA Overview Escrow Requirements Reg. Z High Cost Mortgage and Counseling - Reg. Z & X Ability to Repay & Qualified Mortgages Reg. Z & X Mortgage Servicing Reg. Z & X Loan Originator Compensation Reg. Z Copies

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

CUNA s SUMMARY OF THE CFPB s MORTGAGE LENDING RULES Spring 2013

CUNA s SUMMARY OF THE CFPB s MORTGAGE LENDING RULES Spring 2013 MANDATORY ESCROW ACCOUNTS Effective: June 1, 2013 REGULATION Requires escrow accounts be maintained for five years (rather than the current one year) for higher-priced mortgage loans. A higher-priced mortgage

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

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

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

Understanding Regulation Z: A Concise Analysis of the Amendments. Alla A. Vaynrub, CFA Director

Understanding Regulation Z: A Concise Analysis of the Amendments. Alla A. Vaynrub, CFA Director Understanding Regulation Z: A Concise Analysis of the Amendments Alla A. Vaynrub, CFA Director 1 888 250 4400 Executive Summary Regulation Z, implementing Truth in Lending Act (TILA), has long been considered

More information

1/22/2013. Mortgage U, Inc. Copyright 2012 Mortgage U, Inc. Copyright 2012 Mortgage U, Inc. Copyright 2012 Mortgage U, Inc.

1/22/2013. Mortgage U, Inc. Copyright 2012 Mortgage U, Inc. Copyright 2012 Mortgage U, Inc. Copyright 2012 Mortgage U, Inc. Mortgage U, Inc Compliance Is A New World Consumer Financial Protection Bureau Qualified Mortgage QM final rule Points and fees amendment High Cost Mortgage Rules High Cost Appraisal Rules ECOA & HMDA

More information

Summary of Content Changes 2015.2 Update June 2015

Summary of Content Changes 2015.2 Update June 2015 Summary of Content Changes 2015.2 Update June 2015 General Notes In this policy release, we are moving forward with the policy revisions associated with the Truth in Lending Act (TILA) and Real Estate

More information

Rules and Regulations

Rules and Regulations 23289 Rules and Regulations Federal Register Vol. 74, No. 95 Tuesday, May 19, 2009 This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most

More information

Are You Ready for TRID? Dodd Frank the CFPB & You Featuring TRID

Are You Ready for TRID? Dodd Frank the CFPB & You Featuring TRID WELCOME! www.grantsimon.com Are You Ready for TRID? Dodd Frank the CFPB & You Featuring TRID 1 TRID TILA-RESPA INTEGRATED DISCLOSURE Ready For It New Jargon Lender Borrower Closing GFE & TIL HUD 1 & TIL

More information

CFPB Consumer Laws and Regulations

CFPB Consumer Laws and Regulations Secure and Fair Enforcement for Mortgage Licensing Act 1 The Secure and Fair Enforcement for Mortgage Licensing Act of 2008 2 () was enacted on July 30, 2008, and mandates a nationwide licensing and registration

More information

CFPB mortgage disclosure rules

CFPB mortgage disclosure rules www.pwc.com/consumerfinance www.pwcregulatory.com CFPB mortgage disclosure rules An analysis of the Consumer Financial Protection Bureau s Know Before You Owe disclosure forms March 2014 A joint point

More information

Regulatory Practice Letter

Regulatory Practice Letter RPL Number 10-17 Financial Services Regulatory Practice Regulatory Practice Letter ADVISORY Amendments to Mortgage Loan Provisions under Regulation Z Executive Summary The Federal Reserve Board ( Fed )

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

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

Welcome! Thank you for joining the NYCB Gemstone Loan Estimate Process training presentation.

Welcome! Thank you for joining the NYCB Gemstone Loan Estimate Process training presentation. Welcome! Hello, Thank you for joining the NYCB Gemstone Loan Estimate Process training presentation. We will start the session shortly. Please note that all participants will be muted upon entry of the

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 Higher-Priced Mortgage Loans (HPML) Escrow Rule

TILA Higher-Priced Mortgage Loans (HPML) Escrow Rule JANUARY 6, 2014 TILA Higher-Priced Mortgage Loans (HPML) Escrow Rule SMALL ENTITY COMPLIANCE GUIDE This guide has been updated for the following changes - the May 2013 Final Rule and October 2013 Final

More information

B-327072. June 30, 2015

B-327072. June 30, 2015 441 G St. N.W. Washington, DC 20548 B-327072 June 30, 2015 The Honorable Richard Shelby Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States

More information

wisconsin bankers association

wisconsin bankers association wisconsin bankers association May 2, 2011 Via Email Ms. Jennifer J. Johnson, Secretary Board of Governors of the Federal Reserve System 20th Street and Constitution Avenue, N W. Washington, D C. 2055 1

More information

Real Estate Lending A Document Compliance Overview. Judi Mortenson Lending Manager

Real Estate Lending A Document Compliance Overview. Judi Mortenson Lending Manager Real Estate Lending A Document Compliance Overview Judi Mortenson Lending Manager Agenda Introduction Goal of todays session: Create awareness of the documents and signatures that are required for real

More information

TRID Overview. Provided by Primary Capital Mortgage. Presented by Stacie Weider, Training Manager

TRID Overview. Provided by Primary Capital Mortgage. Presented by Stacie Weider, Training Manager Provided by Primary Capital Mortgage Presented by Stacie Weider, Training Manager What is TRID? TILA RESPA Integrated Disclosure Rule, which is effective October, 3, 2015. History Notes The Goal To provide

More information

Amendment to the AFR Wholesale Broker Agreement regarding Amendments to Regulation Z. Table of Contents

Amendment to the AFR Wholesale Broker Agreement regarding Amendments to Regulation Z. Table of Contents Amendment to the AFR Wholesale Broker Agreement regarding Amendments to Regulation Z Table of Contents Section 1 General Principles for Compliance 1.1 Mission Statement..... 2 1.2 Summary of TILA Amendment....

More information

A New Era in Closings CFPB s Final Rule for Integrated Mortgage Disclosures

A New Era in Closings CFPB s Final Rule for Integrated Mortgage Disclosures A New Era in Closings CFPB s Final Rule for Integrated Mortgage Disclosures Agenda Basics: Why We re Here Final Rule The New Forms Evaluating the Rule Cost to Implement What s Next Questions Basics Dodd-Frank

More information

TRID Consolidated Resources

TRID Consolidated Resources TRID Consolidated Resources Annotated Forms for TILA RESPA Integrated Disclosure Closing Disclosure. 1 Annotated Forms for TILA RESPA Integrated Disclosure Loan Estimate.2 Closing Disclosure Form.. 3 Loan

More information

The Good Faith Estimate

The Good Faith Estimate Module 3 Module 3 The Good Faith Estimate Explanation: This pdf is only a copy of the module slides. To proceed through the course, you must read and click through each slide. The Good Faith Estimates

More information

Equal Credit Opportunity Act (ECOA) Valuations Rule

Equal Credit Opportunity Act (ECOA) Valuations Rule MAY 2, 2013 Equal Credit Opportunity Act (ECOA) Valuations Rule SMALL ENTITY COMPLIANCE GUIDE 1 Table of Contents 1. Introduction... 5 I. What is the purpose of this guide?... 6 II. Who should read this

More information

A New Era in Closings CFPB s Final Rule for Integrated Mortgage Disclosures

A New Era in Closings CFPB s Final Rule for Integrated Mortgage Disclosures A New Era in Closings CFPB s Final Rule for Integrated Mortgage Disclosures S. Madeleine Nagy American Land Title Associa@ons Director of State Government Affairs Agenda Basics: Why We re Here Final

More information

BUREAU OF CONSUMER FINANCIAL PROTECTION. Homeownership Counseling Organizations Lists Interpretive Rule

BUREAU OF CONSUMER FINANCIAL PROTECTION. Homeownership Counseling Organizations Lists Interpretive Rule BILLING CODE: 4810-AM-P BUREAU OF CONSUMER FINANCIAL PROTECTION 12 CFR Part 1024 [RIN 3170-AA37] Homeownership Counseling Organizations Lists Interpretive Rule AGENCY: Bureau of Consumer Financial Protection.

More information

Statement of Bill Cosgrove, CMB President & CEO Union National Mortgage Company. on behalf of the Mortgage Bankers Association

Statement of Bill Cosgrove, CMB President & CEO Union National Mortgage Company. on behalf of the Mortgage Bankers Association Statement of Bill Cosgrove, CMB President & CEO Union National Mortgage Company on behalf of the Mortgage Bankers Association House Financial Services Committee Subcommittee on Insurance, Housing & Community

More information

Shopping for your home loan. Settlement cost booklet

Shopping for your home loan. Settlement cost booklet Shopping for your home loan Settlement cost booklet January 2014 This booklet was initially prepared by the U.S. Department of Housing and Urban Development. The Consumer Financial Protection Bureau (CFPB)

More information

Financial Regulatory Reform: The New Rules on Loan Originator Compensation

Financial Regulatory Reform: The New Rules on Loan Originator Compensation Financial Regulatory Reform: The New Rules on Loan Originator Compensation 1 Introduction NOTICE: This information is not intended to be used as legal advice to any person or entity. The information contained

More information

Regulatory Practice Letter June 2012 RPL 12-11

Regulatory Practice Letter June 2012 RPL 12-11 Regulatory Practice Letter June 2012 RPL 12-11 Mortgage Rule Modifications under CFPB Consideration Executive Summary The Bureau of Consumer Financial Protection ( CFPB ) has announced that it intends

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

Mortgage Loans. Understand the Terms of Your Loan before You Sign. Mortgage Loans. Standard Home Equity Loans or Second Mortgages

Mortgage Loans. Understand the Terms of Your Loan before You Sign. Mortgage Loans. Standard Home Equity Loans or Second Mortgages Mortgage Loans Understand the Terms of Your Loan before You Sign This brochure can help you determine what is best for your situation, become familiar with mortgage loan terms, and learn what is involved

More information