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 firstname.lastname@example.org. 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.
CFPB Unveils TRID Resources Guide The Consumer Financial Protection Bureau (CFPB) has compiled several resources to help title and settlement agents navigate changes the TILA-RESPA Integrated Disclosures (TRID) rule brought to the real estate transaction and closing process.
August 18, 2016
Tell the CFPB to Fix TRID The public comment period for the Consumer Financial Protection Bureau’s (CFPB) amendments to the TILA-RESPA Integrated Disclosure (TRID) rule opened Monday after the proposed changes were published in the Federal Register. The comment period runs through Oct. 18, 2016.
August 11, 2016
Despite TRID Clarification, Check With Lender Before Sharing CD In addition to clarifications and technical corrections to TRID, the CFPB's proposed amendments focus on other issues within the rule including privacy and sharing of the Closing Disclosure. Despite the proposed rulemaking addressing this topic, ALTA encourages members to continue to review closing instructions carefully as many lenders prohibit their settlement agents from sharing the Closing Disclosure with third parties, including real estate agents.
August 8, 2016
PHH Corp. v. CFPB: Six Issues to Watch Bloomberg BNA | August 5, 2016 A federal appeals court is soon expected to release one of the most eagerly awaited opinions in years when it rules on a challenge to a Consumer Financial Protection Bureau enforcement action by PHH Corp.
CFPB Proposes Feedback Mechanism for Consumer Complaints HousingWire | August 1, 2016 The Consumer Financial Protection Bureau today announced plans to change the “dispute” function in its consumer complaint database to allow complainants to take a short survey on the company’s response to their complaints. The survey information — a one-to-five rating of the company’s response and an optional narrative — would be shared with the company that is the subject of the complaint and, with the complainant’s permission, be posted in the complaint database. The bureau is accepting comments until Sept. 30, 2016.
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