3 Explaining the New Rule History Timing Purpose Coverage? Changes Definition of an Application Loan Estimate Closing Disclosure Variations/Tolerances 5 Things to Know as a Real Estate Professional
5 CFPB & Dodd Frank The TILA-RESPA Integrated Disclosure (TRID) rule is part of the Dodd Frank Reform & Consumer Protection Act. The result of this legislation clarifies the industry s definition of an application, overhauls closing documents, and institutes timelines for real estate settlement procedures.
6 Understanding Clarifying disclosures for those who don t work within the mortgage industry. (Making disclosures easily understood by using common diction). + Timeliness Providing customers with enough time to thoroughly review documents. = Educated Decisions Ease of understanding and time will enable customers to make responsible decisions.
7 The Purpose of TRID To help customers understand mortgage transactions through the use of clear language in disclosures and simplifying the technical nature of the disclosure documents. To ensure that customers receive adequate time to make informed and responsible decisions regarding their home loan.
8 Coverage Loan Types Affected: Closed-end consumer mortgages secured by real property, including: 25-Acre Loans 1-4 Family Residential Properties Vacant Land Loans Does NOT Apply To: Reverse Mortgages HELOCs Federally related mortgage loans extended by a person, not a creditor (Reg Z) Chattel-Dwelling Loans
9 Coverage Creditors originating reverse mortgages, HELOCs, chattel-dwelling loans or other transactions not covered by the TILA-RESPA Integrated Mortgage Disclosure rule must continue to use, as applicable, the GFE, HUD-1, and Truth in Lending disclosures required under current law. In these specific circumstances, timing requirements also do not change from the current law requirements.
11 What TRID Changes 1. Provides a Clear Definition of the Term Application 2. Creation of a Loan Estimate Form 3. Creation of a Closing Disclosure Form 4. Modifies Timing Requirements 5. New Variations
13 What Constitutes a Completed Application? Current Definition 6 elements define a mortgage application, plus a seventh catch all 1. Consumer Name 2. Income 3. Social Security Number 4. Property Address 5. Estimated Value 6. Loan Amount Requested 7. Any other information deemed necessary by the loan originator Disclosures must be issued within 3 business days of a completed app. New Definition The new rule eliminates the catch all 1. Consumer Name 2. Income 3. Social Security Number 4. Property Address 5. Estimated Value 6. Loan Amount Requested 7. Any other information deemed necessary by the loan originator The 3 day disclosure requirement does NOT change
15 The Impact of the New Definition Current Definition Due to the catch all, lenders can define when the application is completed, therefore controlling when disclosures are issued. New Definition The new structure will still allow for lenders to request additional information, but the lender is prohibited from holding up on providing a loan estimate if the customer does not submit the additional information. When the 6 items are received, it s an official completed application and requires the necessary (and new) loan estimate disclosure within 3 business days. Supreme Lending always operated under the 6 item rule - so this has no impact on our business process.
16 The Loan Estimate GFE Initial TIL Loan Estimate (LE)
17 The Loan Estimate Currently, borrowers receive two separate forms from their lender at the beginning of the process: a Good Faith Estimate (GFE) and an initial Truth in Lending disclosure (TIL). Beginning October 3rd, these two documents will be consolidated into one, new three page loan estimate document. The new Loan Estimate (LE) still needs to be provided to borrowers on the same timeline as the GFE (three business days).
18 A Look at the New Loan Estimate Loan Terms Projected Payments Costs at Closing
19 Costs at Closing Detailed Break-Out A Look at the New Loan Estimate
20 Total Interest Percentage: the total interest paid over the term of the loan as a % of the loan amount. New Loan Estimate (cont.)
21 New Loan Estimate (cont.) As with the 2010 rule, interest rate dependent and non-interest rate dependent terms are separate and not related. Non-interest rate costs must be offered until accepted but expire in 10 business days (general definition) after originally provided if consumer does not indicate an intent to proceed within that time frame. Re-disclosure required if interest rate dependent terms change. Estimated Cost to close will require knowing the tax information for the property-best information reasonably available.
22 Closing Disclosure HUD-1 Final TIL Closing Disclosure (CD)
23 A Look at the New Closing Disclosure: Page 1
24 A Look at the New Closing Disclosure: Page 2 Everything is itemized - but line numbers have been removed. All fees & charges are placed in one of 7 areas (labeled A-H, excluding D).
25 Pg. 3: Cash to Close: A Payoffs & Payments table is used for the Summaries of Transaction section. A Look at the New Closing Disclosure: Page 3
26 A Look at the New Closing Disclosure: Page 4 Closing Costs Financed disclosure is NEW.
27 NEW Dodd Frank Disclosures (negative amortization and escrow account disclosure). A Look at the New Closing Disclosure: Page 5
28 Liability After Foreclosure requires creditor to select one of two options for borrower liability for deficiency. A Look at the New Closing Disclosure: Page 6 Real Estate Broker information (license and contact information) is now required in the CD as well as Settlement Agent information.
29 A Look at the New Closing Disclosure If there is more than one consumer in the transaction, the first consumer signs as the applicant and each additional consumer signs as a co-applicant. Must use the same fee name as used in the loan estimate. With refinances, the Closing Disclosure must be delivered to both obligators. On purchase transactions, the Closing Disclosure must be delivered to one obligator.
31 Timing Defining Business Day General Business Day: A day on which the creditor s offices are open to the public for carrying on most all of its business functions. (For most intents & purposes: M-F) Specific Business Day: All calendar days except Sundays and legal public holidays. *If the post office is open, it counts as a specific business day when mailing the docs. is considered mailing (therefore, apply specific business day definition), unless there is proof of receipt. Supreme s e-disclosure method cuts this timing by delivering and retaining proof of receipts.
32 Timing Loan Estimate Timing Initial Loan Estimates: - Lenders have 3 business days for delivery of the LE from date of app (apply general definition if in person, and specific definition if mailed.) - Must wait 7 specific business days before closing. Revised Loan Estimate: - Must be received by the consumer no later than 4 specific business days prior to consummation. Closing Disclosure Timing Must be received by the borrower 3 general business days prior to consummation (apply mailbox rule where necessary). Providing the Closing Disclosure Creditor is accountable for the on time delivery of an accurate Closing Disclosure to the consumer. Creditor and Settlement Agent may agree to share responsibilities in completing and delivering the Closing Disclosure. Settlement Agent is responsible for delivering the CD to the seller.
33 Example Closing Calendar Sunday Monday Tuesday Wednesday Thursday Friday Saturday CD put in Mail 1 2 CD Received by Consumer: 3 Day Wait Period 1 2 CD Hand Delivered: 3 Day Wait Begins 1 2 Earliest Closing Date Waiting continued (Sunday doesn t count) Earliest Closing Date CD Timeline Delivered through Mail is Shown in Yellow CD Timeline Delivered by Hand is Indicated in Green Supreme Lending will be handling the completion and delivery of the CD to the consumer.
35 New Variations for the Loan Estimate ZERO Tolerance These fees may NOT increase: - Fees paid to the creditor Origination Charges Mortgage Brokers Affiliates of the Creditor or Broker Unaffiliated 3rd party if the creditor did not allow the consumer to shop for the service provider (credit reports, appraisals) Transfer Taxes Lender Credits Cannot Decrease Under the current rule, these items fall under the 10% aggregate tolerance levels.
37 New Tolerances for the Loan Estimate 10% Aggregate Variance These fees and charges may exceed the amounts initially disclosed on the LE by an aggregate of 10%: - Fees paid to an unaffiliated 3rd party if the creditor permits the consumer to shop for the service, and the consumer selects a provider from the list provided by the creditor. Creditor must disclose on the list that the consumer may select a provider not included on the list. - Recording Fees
39 Permitted Variations Fees and charges that can exceed the initial amounts disclosed on the Loan Estimate (if they were consistent with the best and most reasonable information available at the time of the disclosure): - Prepaid interest - Property insurance premium - Amounts placed into an escrow account - Charges paid to 3rd party providers not included on the creditor s provided list - Charges paid for 3rd party services not required by the creditor (these charges may be paid to affiliates of the creditor)
40 5 Things to Know as a Real Estate Professional 1 2 Effective Date October 3, 2015 Applications taken on or after October 3rd will be subject to the new TRID requirements. The Timing of Closings are Impacted Remember the 3 business day rule! 3 Line Number Changes & License / Contact Information The HUD-1 numbering is gone. Fees & Charges are now in one of seven segmented areas (as mentioned previously): - Origination Charges - Services Borrowers Did Not Shop For - Taxes and other Government Fees - Pre-paids - Initial Escrow Payment at Closing - Other *Remember to provide to the lender your license & contact information for the Closing Disclosure
41 5 Things to Know as a Real Estate Professional 4 5 Likelihood of Multiple Disclosures Your borrowers will likely receive: - A CD several days before closing. - Possibly a CD a few days before a walk through of the property. - A new updated CD at the closing reflecting any changes that occurred between the initial disclosure and closing. - And then, if any changes occurred to financial disclosure numbers, the amount(s) must be re-disclosed, even post-closing. How to Explain the Differences How is the new Loan Estimate different from the Closing Disclosure? How does it help the consumer?
43 5 Things Consumers Should Know These changes were instituted to help give consumers more time to understand the commitments being made in obtaining a mortgage. The features of the form are meant to bring to attention certain warnings and/or highlight specific information that will be most important to consumers (such as total closing costs or pre-payment penalties). Taxes and insurance costs will be more defined - helping customers understand the full scope of their financial commitment. The rule makes cost estimates more reliable for consumers - making sure there are no surprise fees during the process. The new disclosures clarify language to help the consumers understand the loan obligations without being industry experts.
44 TILA-RESPA Integrated Disclosure Glossary TRID: TILA-RESPA Integrated Disclosure CFPB: Consumer Financial Protection Bureau Business Days General Business Day: Creditor s offices are open to the public for carrying on substantially of all its business functions (for Supreme Lending, this is Monday through Friday with the exception of legal public holidays). Specific Business Day: All calendar days except Sundays and legal public holidays. Mailbox Rule: If a disclosure is mailed (USPS) it is deemed received by the consumer on the 3rd business day. The same applies if the disclosure was ed (unless the lender has proof of receipt). Loan Estimate: The Loan Estimate (LE) form combines information from the Good Faith Estimate (GFE) and the Truth in Lending (TIL) forms. The LE is three (3) pages. Closing Disclosure: The Closing Disclosure (CD) merges and replaces the final Truth in Lending (TIL) statement and the HUD-1 settlement statement. The CD is five (5) pages.
45 TILA-RESPA Integrated Disclosure Glossary Total Interest Percentage: The Total Interest Percentage (TIP) is the total amount of interest that the applicant(s) will pay over the life of the loan, reflected as a percentage of the loan amount. Cost Estimate: Written estimate ( Worksheet ) of fees during the prequalification period. The Worksheet cannot look like or resemble the Loan Estimate. Zero Tolerance Fee: Lenders are not permitted to charge applicant(s) more than the amount disclosed unless there is a RESPA defined changed circumstance that permits a revised Loan Estimate. Intent to Proceed: The applicant(s) acknowledge their intent to proceed with the mortgage application. Can only occur after receipt of the LE. The intent to proceed must be documented. Consummation: The day in which the applicant(s) becomes contractually obligated to the creditor.
46 Contact Supreme Lending We are committed to providing exceptional service throughout these changes EVERETT FINANCIAL, INC. D/B/A SUPREME LENDING (NMLS ID #2129) at Quorum Dr., #300, Dallas, TX Copyright All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states. Other restrictions and limitations may apply. Supreme Lending is not affiliated with any government agency. Supreme Lending is required to disclose the following license information: Arizona Mortgage Bankers License #BK , Arizona Principal Office: S 190th Street, Queen Creek, AZ 85142; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act-License ; Colorado Mortgage Company Registration - Regulated by the Division of Real Estate; Georgia Mortgage Lender License Georgia Residential Mortgage Licensee; Illinois Residential Mortgage License - Other Trade Name #1 MB Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company, License # MC ; Mississippi Mortgage Lender License 2129 Licensed by the Mississippi Department of Banking and Consumer Finance; NV Division of Mortgage Lending Mortgage Banker #4062; New Hampshire Mortgage Banker License MB Licensed by the New Hampshire Banking Department; Licensed by the N.J. Department of Banking and Insurance Residential Mortgage Lender License; Oregon Mortgage Lending License ML-4265; Pennsylvania Licensed Mortgage Banker by the PA Department of Banking # 45048; Rhode Island Licensed Lender LL; Texas-SML Mortgage Banker Registration Residential Mortgage Loan Originator. The corporate office is licensed and examined by the Office of the Consumer Credit Commissioner of the State of Texas, Regulated Lender License #43044; VA: NMLS ID# 2129 ( Washington Consumer Loan Company License CL For all other licenses, visit
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
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
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
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)
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
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?...
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
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
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
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
Closing Disclosure Procedures Provided by Primary Capital Mortgage Presented by Stacie Weider, Training Manger Class updated on 11/30/2015 Go to www.pcmexpress.com to download the class presentation Don
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
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
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.
TRID INFORMATION Delivery of the Loan Estimate The Loan Estimate must be placed in the mail or delivered no later than 3 business days after TRID application is submitted. Helpful Hint: Business days for
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:
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
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
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
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.
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
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
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
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
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
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
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
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
............................................................................................. Overview of the TILA-RESPA Rule.............................................................................................
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)
TILA/RESPA INTEGRATED DISCLOSURE RULE Effective August 1, 2015 TRID Terms Explained 1. CFPB Consumer Financial Protection Bureau Agency tasked with protecting consumers related to financial transactions.
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!
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.
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
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:
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
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
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
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
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
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
TILA-RESPA Integrated Disclosure Rule * January 21, 2015 Presented by David Kantor Stinson Leonard Street LLP David.firstname.lastname@example.org 612-335-1620 1. Effective Date. The new Integrated Disclosures
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
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
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,
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
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
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
AMERICAN BAR ASSOCIATION CONSUMER FINANCIAL SERVICES COMMITTEE SPRING MEETING SAN FRANCISCO, CALIFIORNIA TILA-RESPA INTEGRATED DISCLOSURE RULE BACKGROUND, TILA LIABILITIES & OPERATIONAL CONCERNS I. OVERVIEW
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...
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
FINANCE HELPLINE PRESENTS: TRID WHAT TO EXPECT ON AUG. 1ST finance.car.org (213) 739-8383 email@example.com Thank you for joining the Webinar! We will begin at 11:00 a.m. Your phone will be muted,
I. What is the CFPB? KNOW BEFORE YOU CLOSE THE NEW LOAN ESTIMATE AND CLOSING DISCLOSURE EXPLAINED For more than 30 years, federal law has required all lenders to provide two disclosure forms to consumers
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
TRID Settlement Service Provider List (SSP List) Overview The rule permits lenders/mortgage brokers to provide borrowers the ability to select third party service providers. By doing so could favorably
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
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
Thursday, December 4, 2014 2 3 p.m. Central time Integrated Disclosure Sheldon Hendrix, CRCM Senior Managing Consultant BKD, LLP firstname.lastname@example.org Michael Prince Senior Consultant II BKD, LLP email@example.com
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
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
Reference Guide: Loan Estimate (LE) TILA- RESPA Integrated Disclosure (TRID) Rule Requirements The purpose of this document is to provide a reference guide for the Loan Estimate (LE) TILA-RESPA Integrated
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,
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
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
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
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
COLORADO INTER- INDUSTRY Land Title Association of Colorado Colorado Mortgage Lenders Association Colorado Association of Realtors Colorado Association of Hispanic Real Estate Professionals Colorado Association
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
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
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
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
CFPB s RESPA TILA Integrated Disclosure Finley P. Maxson NAR Senior Counsel firstname.lastname@example.org (312) 329-8381 RESPA-TILA Integrated Disclosure A. Background I. Impetus for change a. Dodd-Frank directed
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
Independence Title Are you buying or selling a home after October 3, 2015? Nationwide the mortgage lending industry (creditors) will face a big change beginning October 3rd of this year. Here are the 3
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)
CFPB Part 2 Consumer Finance Protection Bureau Partnerships Built on Trust Preparing for CFPB: Best Practices for Realtors Index Overview: Realtor s Guide to CFPB 1 Realtor s Best Practice #1: Understanding
FIRST COMMUNITY MORTGAGE, INC. REG Z & TRUTH IN LENDING ACT Background: On July 30, 2008 Congress enacted the Housing and Economic Recovery Act (HERA) which contained a section called the Mortgage Disclosure
TRID: Caution Ahead Katie Wechsler June, 2015 When the Consumer Financial Protection Bureau s (CFPB) TILA-RESPA Integrated Disclosure Rule (TRID) is in effect, Americans seeking a home mortgage will be
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
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
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
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
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
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
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