TILA-RESPA Integrated Mortgage Disclosures

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1 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 is not affiliated with any government agency EVERETT FINANCIAL, INC. D/B/A SUPREME LENDING (NMLS ID #2129) at Quorum Dr., #300, Dallas, TX All rights reserved. For all licenses, visit

2 Explaining the New Rule History Purpose Coverage Changes Definition of an Application Loan Estimate Closing Disclosure Timing Variations/Tolerances 5 Things to Know As a Real Estate Professional 2

3 History 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. 3

4 Purpose The Purpose of TRID Understanding Timeliness Educated Decisions Clarifying disclosures for those who don t work within the mortgage industry (making disclosures easily understood by using common diction). Providing customers with enough time to thoroughly review documents Ease of understanding and time will enable customers to make responsible decisions. 4

5 Coverage Coverage Loan Types Affected: Closed-end consumer mortgages secured by real property, including: 1-4 Family residential HELOCs 25-Acre loans Vacant land loans Does NOT Apply To: Reverse mortgages Federally related mortgage loans extended by a person, not a creditor (Reg Z) Chattel-dwelling loans 5

6 CHANGES 6

7 Changes 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 7

8 Changes 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 8

9 Changes 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. 9

10 Changes The Loan Estimate GFE Initial TiL Loan Estimate 10

11 Changes A Look at the New Loan Estimate Loan Terms Costs at Closing detailed break-out Projected Payments Costs at Closing 11

12 Changes New Loan Estimate (cont.) Total Interest Percentage: the total interest paid over the term of the loan as a % to the loan amount 12

13 Changes A Look at the New Closing Disclosure: Page 1 13

14 Changes A Look at the New Closing Disclosure: Pgs 2 & 3 Pg 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). Pg 3: Cash to Close: A Payoffs & Payments table is used for the Summaries of Transaction section. 14

15 Changes A Look at the New Closing Disclosure: Pgs 4 & 5 Closing Costs Financed disclosure is NEW NEW Dodd Frank Disclosures (negative amortization and escrow account disclosure 15

16 Changes Real Estate Broker information (license and contact information) is now required in the CD, as well as Settlement Agent information. A Look at the New Closing Disclosure: Page 6 Liability After Foreclosure requires creditor to select one of two options for borrower liability for deficiency. 16

17 TIMING 17

18 Timing 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. 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. 18

19 Timing By the way Defining Business Day is considered mailing (therefore, apply specific business day definition), unless there is proof of receipt. 19

20 Timing Loan Estimate Timing Initial Loan Estimate: 3 general business days to either place in the mail or deliver to the consumer from the date of app Must go out at least 7 specific business days prior to closing (7 day waiting period) Revised Loan Estimate: Must be received by the consumer no later than 4 specific business days prior to consummation. 20

21 Timing Closing Disclosure Timing Must be received by the borrower 3 specific business days prior to consummation (apply mailbox rule where necessary). 21

22 Timing 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 22

23 Timing 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. 23

24 VARIATIONS/TOLERANCES 24

25 Variations/Tolerances New Variations for the Loan Estimate ZERO Tolerance These fees may NOT increase: Fees paid to the creditor Mortgage Brokers Affiliates of the Creditor or Broker Unaffiliated 3 rd party if the creditor did not allow the consumer to shop for the service provider (credit reports, appraisals) Transfer taxes Lender credits may not DECREASE Under the current rule, these items fall under the 10% aggregate tolerance levels. 25

26 Variations/Tolerances 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 3 rd 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 26

27 Variations/Tolerances 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 3 rd party providers not included on the creditor s provided list Charges paid for 3 rd party services not required by the creditor (these charges may be paid to affiliates of the creditor) 27

28 5 THINGS TO KNOW AS A REAL ESTATE PROFESSIONAL 28

29 5 Things to Know As a Real Estate Professional Effective Date October 3, 2015 Applications taken on or after October 3 rd will be subject to the new TRID requirements. 29

30 5 Things to Know As a Real Estate Professional The Timing of Closings are Impacted Remember the 3 business day rule! 30

31 5 Things to Know As a Real Estate Professional 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 Services Borrowers Did Shop For Taxes and other Government Fees Pre-paids Initial Escrow Payment at Closing Other Remember to include your license & contact information for the Closing Disclosure 31

32 5 Things to Know As a Real Estate Professional 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. 32

33 5 Things to Know As a Real Estate Professional How to Explain the Differences How is the new Loan Estimate different from the Closing Disclosure? How does it help the consumer? 33

34 NAME NMLS # Cell: Main: Fax: Physical Address Distribution to the general public is prohibited. This is not considered an advertisement as defined by 12 CFR 226.2(a)(2). Supreme Lending is not affiliated with any government agency EVERETT FINANCIAL, INC. D/B/A SUPREME LENDING (NMLS ID #2129) at Quorum Dr., #300, Dallas, TX All rights reserved. For all licenses, visit 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

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