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TILA-RESPA Integrated Disclosures

Days Until the Integrated Mortgage Disclosure Rule Goes into Effect


The closing process will significantly change when the Consumer Financial Protection Bureau's fine rule for integrated mortgage disclosures goes into effect. The rule integrates forms required under the Truth-in-Lending Act (TILA) and Real Estate Settlement and Procedures Act (RESPA). A Loan Estimate will replace the current Good Faith Estimate and early TIL disclosure, while a Closing Disclosure will replace the HUD-1 and final TIL disclosure.

The CFPB announced a proposal to push back implementation until Oct. 3, 2015.

Key Documents

Education/Training DVD

ALTA's Land Title Institute has created a training DVD to help you prepare for the disclosures. The DVD includes six modules that will help you understand the disclosures, including an introduction, what led to the development of the new disclosures, a step-by-step explanation of the Loan Estimate and Closing Disclosure, a discussion on how business processes will change, walk through how business relationships will change and how data will be shared, and additional resources and next steps.

A customizable model presentation also is available to guide discussions with your customers.

Order from the ALTA Store or print and complete the order form.

2015 TRID Forum Recording

Purchase a recording of the TILA-RESPA Integrated Forum held in Dallas. The more than seven hours of discussion provides the latest interpretations and rules on the TILA-RESPA integration from the CFPB, addresses implications for closing/settlement, provides information on completing the Loan Estimate and Closing Disclosure, highlights how technology can be used to collaborate and solve compliance issues and explains how the entire real estate transaction will be changed.

Additional Documents and Resources

ALTA Settlement Statement

ALTA developed standardized ALTA Settlement Statements for title insurance and settlement companies to use to itemize all the fees and charges that both the homebuyer and seller must pay during the settlement process of a housing transaction. Four versions of the ALTA Settlement Statement are available. Download here.

Data standards

Freddie Mac and Fannie Mae have released a common industry dataset, called the Uniform Closing Dataset, which leverages and maps to Mortgage Industry Standards Maintenance Organization (MISMO) data standards, to support implementation of the TILA-RESPA Closing Disclosure form.

Presentations/Webinars

ALTA Blog

Follow ALTA’s blog for updates and analysis of the rule, as well as answers to questions about the disclosures that were submitted to ALTA. Sample posts:

ALTA Congressional Testimony

TILA-RESPA Integrated Disclosure: Examining the Costs and Benefits of Changes to the Real Estate Settlement Process (Housing and Insurance Subcommittee of the House Financial Services Committee)

Diane Evans - May 14, 2015

Regulatory Burdens to Obtaining Mortgage Credit (United States Senate Committee on Banking, Housing & Urban Affairs)

Statement for the Record - April 16, 2015

Examining Regulatory Burdens on Non-Depository Financial Institutions (Financial Institutions and Consumer Credit)

Diane Evans - April 15, 2015

Legislative Proposals to Improve Transparency and Accountability at the CFPB

Rob Chapman - May 20, 2014

Submit Your Questions/Comments about the rule to ALTA here

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What You Can Do

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


Report RESPA Violations

If you want to report a possible violation of the Real Estate Settlement and Procedures Act (RESPA), email whistleblower@cfpb.gov. Include any evidence and contact information so that investigators may contact you. To the extent consistent with law enforcement needs, the Bureau will not disclose your identity and will maintain confidentiality as permitted by federal laws.


News on the Consumer Financial Protection Bureau

August 27, 2015 RESPA Compliance When Using the CFPB Homebuyer Toolkit
The Consumer Financial Protection Bureau (CFPB) recently provided scenarios to help explain how companies can use the bureau’s “Your Home Loan Toolkit,” which guides consumers through the process of shopping for a mortgage and buying a house. There has been industry concern that providing the toolkit to business partners would violate Section 8 of RESPA
August 25, 2015 Flat Rate Recording Fees Beginning To Gain Traction
Earlier this year, Arizona passed Senate Bill 1218 to become the 11th state or jurisdiction in the country to enact flat rate fees for recording of real estate documents. Adoption of flat recording fees will help simplify compliance with the Consumer Financial Protection Bureau’s (CFPB) integrated disclosures rule that goes into effect on Oct. 3, 2015.
August 24, 2015 ALTA Webinar: TRID Ready? This Is What It Looks Like
Register for ALTA’s free Title Topics webinar, which will be held from 2:00-3:00 p.m. EDT on Aug. 27, to learn how others have prepared as we provide perspectives from lenders, title/settlement agents and technology experts. To help you get ready for Oct. 3, the webinar also will address what your real estate partners and consumers should know about the new closing process.
August 20, 2015 Key TRID Items to Discuss With Real Estate Agents
Listen to a portion of ALTA's TRID Townhall as Board members provide advice on key messages title professionals should discuss with real estate agents regarding the TILA-RESPA Integrated Disclosures. Because TRID requires different timelines, it's important for real estate agents to understand the need to build more time into contracts.
August 20, 2015 CFPB Details TRID Compliance Focus in Exam Manuals
Among other things, the CFPB noted that during compliance examinations it will review accuracy of fees charged, the proper description, labeling and ordering requirements of fees, any affiliated business arrangements with settlement service providers, and examine how escrow funds are handled and accounts are maintained.
August 20, 2015 Standardization of Fee Names Essential for TRID
In addition to preparing for new timing requirements and tighter fee tolerances, settlement agents and lenders must develop standardized fee names or descriptions for the Loan Estimate and Closing Disclosure. Because the Consumer Financial Protection Bureau wants consumers to be able to compare fee estimates with what’s actually charged at consummation, the TILA-RESPA Integrated Disclosures rule requires fee terminology to be consistent between the two forms. Make sure you are communicating with your lender to ensure fee names are consistent on both forms.
August 20, 2015 How to Disclose Survey Fees on TRID
The proper placement and naming convention for a survey related charge is one of the most complex in the new TILA-RESPA Integrated Disclosures (TRID) rule. Lenders and settlement agents should work closely together to understand the reason a survey is being ordered to ensure its proper placement on the new disclosures. Check out ALTA's blog for examples of different circumstances and how they could impact the placement of the survey charge.
August 20, 2015 First American Updates PredProtect for TRID
First American Financial Corp.’s Mortgage Solutions Group launched new PredProtect enhancements and schema, along with the availability of its testing site, developed to meet the needs of banks and mortgage lenders in complying with the TILA-RESPA Integrated Disclosures (TRID) Rule.
August 20, 2015 CFPB Provides TRID Guide for Real Estate Agents
The Consumer Financial Protection Bureau released TRID resources to help real estate professionals prepare consumers for the new closing process.
August 20, 2015 DocMagic Rolls Out SmartCLOSE Online Portal for TRID
DocMagic Inc. announced that SmartCLOSE, it’s cloud-based collaborative closing portal, is now available after testing the platform with lenders, settlement providers and other relevant parties.
More CFPB Articles

For More Information Contact

    Justin B. Ailes
Vice President of Government & Regulatory Affairs
E-Mail: jailes@alta.org
Phone: 202-296-3671 Ext. 215
Contact Me About: Federal Legislative and Regulatory Issues, NAIC

    Steve Gottheim
Legislative & Regulatory Counsel
E-Mail: sgottheim@alta.org
Phone: 202-296-3671 Ext. 230
Contact Me About: Federal Legislative and Regulatory Issues, Legal Issues, Best Practices Inquiries

    Benjamin P. Lincoln
Director of Government Affairs
E-Mail: blincoln@alta.org
Phone: 202-296-3671 Ext. 220
Contact Me About: Government Affairs

    Jessica McEwen
Director of Political Affairs
E-Mail: jmcewen@alta.org
Phone: 202-296-3671 Ext. 233
Contact Me About: Federal Legislative and Regulatory Issues, TIPAC

    S. Madeleine Nagy
Director of State Government Affairs
E-Mail: mnagy@alta.org
Phone: 202-296-3671 Ext. 329
Contact Me About: State Government Affairs Issues

    Ashley Sadler
Associate Legislative and Regulatory Counsel
E-Mail: asadler@alta.org
Phone: 202-296-3671 Ext. 239
Contact Me About: Federal Legislative and Regulatory Issues, Legal Issues, Best Practices Inquiries

    Awesta Sarkash
Grassroots and Advocacy Coordinator
E-Mail: asarkash@alta.org
Phone: 202-296-3671 Ext. 212
Contact Me About: Title Action Network (TAN) Inquiries

    Wayne M. Stanley
Director of Public Affairs
E-Mail: wstanley@alta.org
Phone: 202-296-3671 Ext. 221
Contact Me About: Social Media, Press Releases, Title Action Network (TAN) Inquiries



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