TRID TILA-RESPA INTEGRATED DISCLOSURES 1
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1 1 TRID TILA-RESPA INTEGRATED DISCLOSURES
2 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 Disclosure Replaces and combines Final Truth-In-Lending Disclosure and HUD-1
3 3 Coverage Included: Loans secured by real property Construction-only loans Loans secured by vacant land, non-dwelling structures or by 25 or more acres Credit extended to certain trusts for tax or estate planning purposes Excluded: HELOC s Reverse Mortgages Chattel-dwelling loans, such as loans secured by a mobile home or by a dwelling that is not attached to real property.
4 4 Old and new at the same time Early use of integrated disclosures is not permitted Examples: If application is received on July 31, 2015, provide Early TIL and GFE, and Final TIL and HUD-1. If application is received on August 1, 2015, provide LE and CD. Implementation challenge must maintain old and new software and procedures Cannot mix old with new
5 5 Loan Estimate Components Three Pages Timing Requirements for delivery Cannot charge for any fees except for cost of credit report Form is dynamic and changes as loan type and product change
6 6 Loan Estimate LE is to be provided to Consumer within three days of receipt of application Creditor is responsible of accuracy of the LE Good Faith Estimate is not a new concept, but is better defined Creditors will require third party vendors to supply accurate costs I have researched everything I possibly can to provide this Loan Estimate!
7 7 Uniform Closing Dataset and Mortgage Industry Standards Maintenance Organization GSE s are developing standardized mapping Industry using same terminology GFE and Early TIL is now Loan Estimate HUD-11 and Final TIL is now Closing Disclosure
8 8 Closing Disclosure Components Five Pages Page 1 mirrors Loan Estimate Page 2 lists itemization of costs with columns indicating party and timing of payment Page 3 has added information to show changes to costs and how cash to close was calculated Page 4 has loan disclosures and AP and AIR tables when applicable Page 5 has Truth-In-Lending information and signature to confirm receipt
9 Closing Disclosure Contact Table 9
10 10 Closing Disclosure Information on the Closing Disclosure will mirror the information from the Loan Estimate Comparison table
11 11 Closing Disclosure Fee Buckets Zero Tolerance Limitation 10% Tolerance Limitation Not subject to Tolerance Limitation
12 12 Closing Disclosure Delivery The Closing Disclosure must be received by the consumer three business days prior to consummation. RECEIPT means: Face-to-Face immediate Mail FedEx (or other over-night delivery service) E-SIGN compliant *3 business days from sending * 3 business day period for receipt of Closing Disclosure can be shortened with proof of earlier receipt.
13 13 Timing The Closing Disclosure must be provided three days prior to consummation The Waiver Forget it! Re-disclosure APR out of tolerance? Product change? Addition of Prepayment Penalty? Start over!
14 14 Closing Disclosure Preparation Who will prepare? What part? Some? The settlement agent is responsible for delivery of the Sellers Closing Disclosure All? Who will deliver? Who will track delivery and acknowledgement of receipt?
15 15 Delivery of Closing Documents Borrower must receive documents signed at the closing table. Handing borrower a disc of their documents is not compliant with E-SIGN Informing borrower the documents will be ed to them is not complaint with E-SIGN
16 16 Changes in Business Practices How will we (Lender and Settlement Agent) provide loan information to get the disclosures out on time? Phone tag? Re-keying? Integrated systems? What evidence of compliance will be needed Proof of receipt for 3-day Supporting documents Changes in closing instructions Possible changes to document delivery
17 17 Penalties Truth-In-Lending Act applies to the disclosures and only applies to creditors CFPB can assess civil money penalties as high as 1 million per day for knowingly violating the law
18 Banks and Service Providers Responsible 18
19 19 E-SIGN ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT
20 20 E-SIGN Objective Presentation Clear and conspicuous. Ask yourself what your parents or siblings would see on the page. Acceptance Are there options other than I Agree? Process should be clear and the intent of the process should be: 1. I want to be bound by this agreement 2. I received a copy of the agreement 3. I have read the agreement 4. I signed this agreement
21 21 E-SIGN Requirements Affirmative consent, and not withdrawn Consent preceded by a statement: Right to receive paper copy How to withdraw and consequences (i.e. fees) If consent applies to multiple transactions or a particular transaction How to update contact information Advised of hardware/software required Consent re-acquired if hardware/software changes pose a material risk to accessibility
22 22 Demonstrate v. Declare I want e-documents. Sign me up. A declaration is not good enough. Downloading a PDF to complete and mail is not an electronic signature. Mailing a contract for execution is a hybrid process and not E-signature
23 23 Demonstrate Consent Push or Pull instructions PUSH -- Bank sends with encrypted PDF containing PULL -- Customer receives and opens the message. Click this link or go to and enter the word blue in the test box.
24 24 E-Signature electronic signature Don t use I Agree as the default.
25 25 E-SIGN There are certain steps to validate the authenticity of an electronically signed form. 1. Click on the Adobe icon to open the Adobe sidebar.
26 26 E-SIGN The Adobe Side Bar will show a signature icon
27 27 E-SIGN After opening the side panel, you can see information on who verified the signatures and when it was signed
28 E-Signature 28
29 29 Hang onto the validity! It is possible to loose the validity of the electronically signed document if it is not imported correctly. You could loose the signature!
30 30 Working Together!.
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