Consumer Financial Protection Bureau

More than 300 ALTA members participated in an exclusive ALTA-member benefit conference call on July 12 as ALTA CEO Michelle Korsmo, members of ALTA’s RESAP Task Force and ALTA lobbyists provided information about the Consumer Financial Protection Bureau’s (CFPB) Proposed Rule to integrate mortgage disclosures required under the Truth in Lending Act (TILA) and Real Estate Settlement and Procedures Act (RESPA).

A proposed Loan Estimate will replace the Good Faith Estimate (GFE) and the preliminary Truth in Lending form, while a proposed Closing Disclosure will replace the HUD-1 Settlement Statement and the final revised Truth in Lending disclosure.

During the hour-long call, members learned how some of the proposed changes could impact business, such as who will provide the Closing Disclosure to consumers. Participants were also able to ask questions and offer thoughts and concerns about the proposed regulations and forms.

To keep up-to-date about the rule and how you can take action, join the Title Action Network.

Click here for more information about CFPB’s proposal and view all of ALTA’s advocacy efforts regarding the mortgage disclosures. ALTA’s RESPA Task Force is reviewing the Proposed Rule and will provide deeper analysis on various parts of the proposed rule to ALTA membership over the coming weeks. You also can send comments and concerns to ALTA at respacomments@alta.org

Click here to listen to the conference call.

Topics discussed during the call can be found at the following times:

• Proposed Loan Estimate and Closing Disclosure: 8:00
• Line numbering: 10:00
• Who provides the forms to consumers: 16:45
• Three-day disclosure rule: 18:35
• Tolerances: 22:30
• Standard form: 24:10
• Provider list: 27:40
• All-in APR: 29:25
• What you can do: 30:35
• Question and Answer session: 31:30