1 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 outline at: QuestSoft.com/RESPAWebinar
2 Please stand by, the presentation will begin at the top of the hour. 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 outline at: QuestSoft.com/RESPAWebinar like us on YOU MAY ALSO or follow us on facebook.com/questsoft twitter.com/questsoft TO DOWNLOAD THE PRESENTATION
3 The TILA RESPA Changes Thank you for attending. The webinar has started.
4 Housekeeping Asking Questions Downloading Materials Technical Difficulties Go To Meeting Support Disclaimer facebook.com/questsoft twitter.com/questsoft
5 Today s Speakers Angela Cheek Vice President and Counsel, Product Compliance Mavent, Inc. Jennifer Mathwig Integration Specialist QuestSoft Corporation Michael Black Compliance Product Manager Mavent, Inc. Leonard Ryan President QuestSoft Corporation Moderator: Scott Mortenson Marketing Director QuestSoft Corporation
6 TILA-RESPA OCTOBER 14, 2014 Integrated Mortgage Disclosures
7 Today s Presenters and Agenda Angela Cheek, VP and Counsel, Product Compliance Michael Black, Compliance Product Manager Agenda Understanding the RESPA/TILA Integrated Mortgage Disclosure Rule How Mavent is preparing for this change Implementation Issues
8 Safe Harbor This presentation may contain forward-looking statements under the safe harbor provisions under The Private Securities Litigation Reform Act of These forwardlooking statements may include the company s ability and timing to enhance the features and functionality of Mavent software and services and of new product launches. Additional risks and uncertainties related to the company s business are discussed in the Ellie Mae s Securities and Exchange Commission filings, including but not limited to the company s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Unless otherwise required by applicable laws, the Ellie Mae undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The content provided in this slide presentation is intended for Mavent webinar attendees and their staff only and should not be distributed outside your company. Mavent does not permit any unauthorized copying, distribution or redistribution of this presentation. Specific authorization must be obtained in writing from Mavent, Inc. Violations of copyright are subject to substantial penalties as provided by the law plus attorney's fees incurred as a result of violation. The content is intended for general information purposes only. It should not be construed as legal advice or opinion on any specific facts or circumstances. You are advised to consult your own compliance staff or attorney regarding your specific residential mortgage lending questions or situation to ensure your compliance with applicable laws and regulations.
9 Integrated Mortgage Disclosures Two Goals Aid consumer understanding Aid industry compliance with TILA / RESPA disclosures Qualitative Consumer Testing Know Before You Owe initiative
10 Integrated Mortgage Disclosures Applicability Applies to all applications on or after 08/01/2015: Closed-end 1-4 unit dwelling attached to real property Exempt: HELOC Loans secured by mobile home (not attached to real property) Partial exemption for certain junior lien loans associated with housing assistance loans for low/ moderate-income consumers Creditors making five or less mortgage loans per year
11 Integrated Mortgage Disclosures Record Retention Loan Estimate 3 years after consummation Closing Disclosure 5 years after consummation Post-Consummation [if applicable] Escrow Cancellation Notice 2 years Partial Payment Policy 2 years Records can be maintained by any method that reproduces disclosures and other records accurately, including computer programs
12 What Triggers Loan Estimate? Receipt of all six pieces of information: 1. Borrower Name 2. Borrower Monthly Income 3. Borrower SSN/ITIN (to get credit report) 4. Property Address 5. Estimated Property Value 6. Estimated Mortgage Loan Amount 7. Any other information deemed necessary
13 Loan Estimate Timing and Delivery Initial Loan Estimate delivered within: 3 Business Days after receiving Application (Creditor or Broker) 7 Business Days before consummation Revised Loan Estimate: Sent within 3 Business Days of receiving information sufficient to establish Change of Circumstance (TBD: 1 day if Rate Lock Added) Received 4 Specific Business Days before consummation Cannot be delivered with or after Closing Disclosure If not provided in person, receipt assumed within 3 business days after delivery or mailing
14 Mavent Review Disclosure Timing Initial Loan Estimate sent within 3 business days of application date Initial Loan Estimate sent 7 or more business days prior to loan consummation Initial/Revised Loan Estimate received 4 or more specific business days prior to consummation Revised Loan Estimate sent within 1 business day of rate lock* or within 3 business days of any other valid changed circumstance Loan Estimate cannot be provided with or after the Closing Disclosure Written List of Service Providers and Special Information Booklet sent within 3 business days of application date Pre-disclosure and Post-disclosure reviews
15 Mavent Review - Disclosure Timing Additional Fields/Functionality Loan Estimate Sent Date Loan Estimate Sent Method Mavent assumes the disclosure was provided by U.S. Mail if a sent method not provided Loan Estimate Received Date Loan Estimate Received Method Loan Estimate Receipt Acknowledged Method
16 Closing Disclosure Timing and Delivery Closing Disclosure received by consumer no later than: 3 Specific Business Days before consummation If Creditor or Settlement Agent does not provide in person, consumer considered to have received 3 Specific Business days after delivered or placed in mail Revised Closing Disclosure delivered at or before consummation reflecting any changed terms, unless: Disclosed APR becomes inaccurate Loan Product changed prior Closing Disclosure becomes inaccurate Prepayment penalty added THEN Revised Closing Disclosure delivered 3 Specific Business Days before consummation
17 Closing Disclosure Mavent Review Timing and Delivery Closing Disclosure must be received at least 3 specific business days prior to loan consummation If Closing Disclosure sent via US Mail assumed receipt 6 specific business days from sent date Closing Disclosure cannot be provided with or before a Loan Estimate/revised Loan Estimate
18 Closing Disclosure Redisclosure Timing and Delivery The Mavent System will calculate and verify the disclosed: APR Loan Product (Description) Prepayment Penalty Indicator If Closing Disclosure disclosed APR, Product Description, or Prepayment Penalty Indicator is inaccurate: The loan will receive a FAIL response, indicating that a revised Closing Disclosure must be sent to the borrower and that consummation must extended 3 or more specific business days after disclosure received. If pre-disclosure review the loan will receive a FAIL response, indicating that the Closing Disclosure is inaccurate. A corrected disclosure must be produced and sent, and consummation date must be 3 or more precise business days after corrected disclosure is received.
19 Closing Disclosure Loan Product Description If the Loan Product changes, creditor must provide a corrected Closing Disclosure so consumer RECEIVES a Corrected Closing Disclosure not later than the third specific business day before Consummation. There are five features to describe the Loan Product: Payment change feature Duration/time period of payment change (if applicable) Rate feature Duration/time period of initial rate change (if applicable) Duration time period of subsequent rate change (if applicable)
20 Closing Disclosure Loan Product Description The Mavent system will compare the disclosed loan product to the calculated loan product. If the loan product disclosed on the Closing Disclosure is inaccurate, the system will fail the loan. Example Messages: The disclosed Loan Product of (18 mo./18mo. Adjustable Rate) on the Closing Disclosure matches the actual Loan Product disclosure of (18 mo./18mo. Adjustable Rate). (12 CFR (f)(2)(ii)(B); (a)(5)(iii); (a)(10)) The disclosed Loan Product of (36 mo. Interest Only, Fixed Rate) on the Closing Disclosure is inaccurate. This fixed rate loan has an interest only payment period of (36) months which requires a Loan Product disclosure of (3 Year Interest Only, Fixed Rate). The interest only period must be disclosed in number of years. If the interest only period does not equate to a whole number of years, (a)(10) requires disclosure of the whole number of years followed by a decimal point with the remaining months rounded to two places. (12 CFR (f)(2)(ii)(B); (a)(5)(iii); (a)(10))
21 Loan Estimate vs. Closing Disclosure Zero % Tolerance Category Fees paid to creditor or mortgage broker Fees paid to affiliate of creditor or mortgage broker Fees paid for services for consumer not permitted to shop Transfer Taxes Lender Credits 10% Tolerance Category Recording Fees Fees paid for 3rd-party services consumer permitted to shop for Charges that Can Change Prepaid interest Property insurance premiums Amounts placed into escrow Fees paid to 3rd-party service providers selected by consumer not on list provided by creditor Fees paid for 3rd-party services not required by creditor. These fees may be paid to affiliates
22 Loan Estimate Change in Circumstance Changed circumstance affecting settlement charges Example: Appraisal Fee to Affiliate Changed circumstance affecting eligibility Example: Ineligible for Loan Program Revisions requested by consumer Example: Power of Attorney Interest rate dependent charges Example: Initial LE with no rate lock Expiration of initial Loan Estimate Example: Intent to Proceed on Business Day 11 Delayed settlement date on construction loan Example: Settlement expected to occur more than 60 days after initial LE and statement provided on initial LE
23 Loan Estimate vs. Closing Disclosure Fee Variance Thresholds Mavent system will compare (initial or revised) Loan Estimate disclosed fees to the actual loan fees and Closing Disclosure Fees Mavent system will fail the loan if a valid changed circumstance is not associated with any changes to fees that cannot change, fees that can change by 10% in aggregate, and lender credits on a revised Loan Estimate. Mavent system will fail this loan if there are any changes to fees that cannot change, fees that can change by 10% in aggregate, and lender credits between the applicable Loan Estimate and the Closing Disclosure, unless a refund is provided to the consumer. For the purposes of the 10% aggregate fee comparison, if the fees on a Revised Loan Estimate have not increased by 10%, the Initial Loan Estimate fees will be used for the comparison.
24 Loan Estimate Requirements General Information Loan terms Projected payments Costs at closing Web site reference Closing cost details Loan costs Other Costs Calculating Cash to Close Adjustable Payment (AP) Table Adjustable Interest Rate (AIR) Table
25 Loan Estimate Requirements Additional Information About This Loan Broker NMLSR ID Lender NMLSR ID LO NMLSR ID for Broker and Lender, Name, LO Comparisons In 5 years Total PITI and loan costs paid off In 5 years Total Principal paid off APR Total Interest Percentage (TIP) Other Considerations Appraisal Assumption Homeowner s insurance Late Payment Refinance Servicing Liability after foreclosure Signature Statement
26 Loan Estimate Comparison Requirements Mavent system will calculate the following values and compare to the last disclosed values (unless a Closing Disclosure has been sent): Total Principal, Interest, MI, and Loan Costs in First Five Years Total Principal in First Five Years APR Total Interest Percentage
27 Closing Disclosure Requirements General Information Loan terms Projected payments Costs at closing Closing cost details Loan costs Other costs Calculating Cash to Close Summary of borrower s transaction Summary of seller s transaction
28 Closing Disclosure Projected Payment Table Requirements Mavent will calculate the Projected Payments Table for either the Loan Estimate or Closing Disclosure (optional) Mavent will compare Disclosed Projected Payments Table to Calculated Projected Payments Table (optional) Number of Columns Years in Sequence Subheading Principal & Interest Payments Interest Only Min and Max Principal and Interest Mortgage Insurance Estimated Total Payment
29 Closing Disclosure Requirements Additional Information About This Loan Assumption Demand Feature Late Payment Negative Amortization Partial Payments Security Interest Escrow Account Adjustable Payment (AP) Table Adjustable Interest Rate (AIR) Table Loan Calculations Total of Payments Finance Charge Amount Financed Annual Percentage Rate (APR) Total Interest Percentage (TIP)
30 Closing Disclosure Requirements Other Disclosures Appraisal Contract Details Liability After Foreclosure Refinance Tax Deductions Questions Notice Contact Information Signature Statement
31 Closing Disclosure Requirements Loan Calculations The Mavent system will calculate and verify the values disclosed on the Closing Disclosure: Finance Charge Amount Financed APR Total Interest Percentage Liability after Foreclosure
32 Closing Disclosure Post Consummation Tolerance Cures Events after consummation Event in connection with settlement occurs within 30 calendar days following consummation causing CD to become inaccurate Change to amount paid by consumer from amount disclosed Creditor must deliver or place in mail corrected Closing Disclosure not later than 30 days after receiving information sufficient to establish event occurred Non-numeric clerical errors Deliver or place in mail corrected Closing Disclosure no later than 60 calendar days after consummation Refunds related to good faith analysis (Tolerance Exceeded) Creditor refund excess no later than 60 calendar days after consummation Creditor delivers or places in mail corrected Closing Disclosure reflecting refund no later than 60 calendar days after consummation
34 Implementation Issues for Lenders Understand the Requirements Update policies and procedures Identify affected products, departments, and staff Identify business-process, operational, and technology changes that will be necessary for compliance Identify impacts on key service providers or business partners Settlement Agents Mortgage Brokers Identify training needs
35 Transition to QuestSoft Roadmap Jennifer Mathwig
36 The QuestSoft Roadmap Dec 1st QuestSoft to publish RESPA-TILA API to LOS partners. Jan 26th Mavent RESPA-TILA changes ready for testing by integrators with Compliance EAGLE. Our goal at QuestSoft is to publish our API by December 1st with the knowledge that there may be some adjustments needed once the rules are placed into live testing for our LOS partners and mortgage customers in January, 2015.
37 The QuestSoft Roadmap LOS/Customer Timeline: December 2014 to April 2015 LOS partners implementing RESPA-TILA changes. January to June 2015 LOS partners testing new fields for RESPA-TILA changes with Compliance EAGLE. January to July 31, 2015 Users testing RESPA-TILA changes directly within Compliance EAGLE and via their LOS integration. August 1, 2015 Live operation of RESPA-TILA rules for applicable loan review requests.
39 The TILA RESPA Changes QUESTIONS & ANSWERS If you have a question, please submit it using the questions tab on the GoToWebinar tool bar.
40 The TILA RESPA Changes QuestSoft will be reviewing the questions received during this webinar and working with our presenters to create a Q&A document for all attendees. We expect to be able to deliver that to you within the next 10 business days. This concludes the webinar presentation. Thank you for attending! You may download the presentation outline at: QuestSoft.com/RESPAWebinar
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