The Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosures (TRID) rule integrates federal mortgage forms required under the Truth-in-Lending Act (TILA) and Real Estate Settlement and Procedures Act (RESPA). A Loan Estimate replaces the Good Faith Estimate and early TIL disclosure, while a Closing Disclosure replaces the HUD-1 and final TIL disclosure.
The Consumer Financial Protection Bureau on July 29 released amendments to TRID. The proposed changes correct technical problems, add clarity and incorporate informal guidance provided by the bureau in webinars into the official staff commentary. The amendments do not correct the inaccurate disclosure of title insurance premiums.
The CFPB will accept commentsÂ to the proposed amendments until Oct. 18, 2016.
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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.
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 Statements
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.
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 Closing Disclosure.
If you want to report a possible violation of the Real Estate Settlement and Procedures Act (RESPA), email email@example.com. 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.
Five Key Takeaways From the D.C. Circuit’s PHH Decision The National Law Review | October 18, 2016 The legal challenge by PHH Corp. to a June 4, 2015, decision by the director of the Consumer Financial Protection Bureau in connection with the Bureau’s enforcement proceeding against PHH has captivated the real estate settlement services industry.
October 18, 2016
ALTA Tells CFPB to Fix TRID ALTA submitted two letters to the Consumer Financial Protection Bureau ahead of the Oct. 18 deadline to provide comments regarding the bureau’s proposed changes to the TILA-RESPA Integrated Disclosures Rule. Comments ranged from telling the bureau to correct the inaccurate disclosure of title fees, provide clearer guidance on the sharing of Closing Disclosures and prohibit lenders from shifting liability onto settlement agents.
October 17, 2016
District Court Right to Target CFPB The Hill | October 16, 2016 “Unconstitutionally structured.” A “gross departure from settled historical practice.” That’s how the U.S. Court of Appeals for the District of Columbia Circuit recently described the Consumer Financial Protection Bureau (CFPB), the federal watchdog led by Director Richard Cordray.
October 17, 2016
CFPB Announces Several Leadership Changes HousingWire | October 16, 2016 The Consumer Financial Protection Bureau changed up its senior leadership team again, announcing new names to the positions of assistant director for the Office For Older Americans, deputy general counsel for litigation and oversight, and deputy general counsel for general law and ethics.
October 6, 2016
TRID Title Insurance Fee Disclosure Confuses 40% of Consumers Results of an online consumer survey conducted by ALTA over the summer reveal the CFPB’s mortgage disclosures are not helping consumers understand key features, costs and risks of their loans. Read on for more survey results and why the CFPB should amend the TILA-RESPA Integrated Disclosures rule and correct the inaccurate disclosure of title insurance premiums.
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