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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

July 23, 2015 Is Owner’s Title Insurance Subject 10 Percent Tolerance?
Owner’s title insurance is not a charge that is assigned to a particular tolerance category. Therefore, the applicable tolerance category depends on other factors, including whether the creditor requires the insurance and, if so, whether the consumer may shop for the provider of the insurance.
July 23, 2015 Cordray: Early TRID Enforcement will be ‘Diagnostic and Corrective’
Speaking before the Senate Committee on Banking, Housing, and Urban Affairs on Wednesday, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray briefly addressed the bureau’s plans to enforce the TILA-RESPA Integrated Disclosures rule.
July 23, 2015 FHA to Allow Changes to Settlement Certification Due to TRID
The Federal Housing Administration addressed changes settlement agents can make to the new settlement certification, which replaces the current addendum to the HUD-1, in a new FAQ document to its Single Family Housing Policy Handbook. The FHA's new handbook goes into effect Sept. 14, 2015.
July 23, 2015 CFPB Finalizes Oct. 3 Start Date for TRID
The Consumer Financial Protection Bureau issued a final rule delaying the effective date for the TILA-RESPA Integrated Disclosures rule until Oct. 3, 2015.
July 23, 2015 Download ALTA's Model Settlement Statements to Use for TRID
ALTA has developed four model Settlement Statements for title insurance and settlement companies to use in order to itemize all the fees and charges involved in the transaction once the CFPB's TILA-RESPA Integrated Disclosures go into effect Aug. 1. Settlement statements are currently used in the marketplace in conjunction with the federal HUD-1. The model Settlement Statements are not meant to replace the Consumer Financial Protection Bureau's Closing Disclosure. Bank of America said it encourages settlement agents to use ALTA's model Settlement Statements or similar state-specific forms when needed to supplement the Closing Disclosure.
July 22, 2015 ALTA to Host TRID Townhall on Facebook
TRID Townhall | Facebook | 11 a.m. ET, July 28
ALTA will host a TRID Townhall on its Facebook page beginning at 11 a.m. ET on Tuesday, July 28, to share what industry participants should be doing now to prepare for the implementation of the TILA-RESPA Integrated Disclosures rule. Read on for details.
July 16, 2015 Using Technology to Expedite the Homebuying and Refinance Process
As lenders focus more on compliance and prepare their operations for the new TILA-RESPA Integrated Disclosures, it more important than ever for title and settlement agents to adjust their processes and procedures maintain systems that are compliant with the new regulation and offers the lender the peace of mind that their business is in good hands. The first companies to do this will be the ones that dominate the market for years to come. Read on for advice on how agents of all size can use technology to position their company for success.
July 16, 2015 eLynx Releases TRID-Ready Compliance and Collaboration Platform
The company said its enhanced Expedite platform is available now for lenders and settlement services providers to refine workflows ahead of the new deadline for the TILA-RESPA Integrated Disclosures rule.
July 16, 2015 ALTA Praises Sens. Scott and Donnelly for Introducing Bipartisan TRID Hold-Harmless Bill
ALTA thanked U.S. Sens. Tim Scott (R-S.C.) and Joe Donnelly (D-Ind.) for introducing S. 1711, a companion bill to H.R. 2213, which provides for limited liability for those who in good faith attempt to comply with the new TILA-RESPA Integrated Disclosure (TRID) requirements through 2015.
July 16, 2015 Tolerances with the TILA-RESPA Integrated Disclosures
The CFPB's TRID rule restricts the circumstances in which consumers can be required to pay more for settlement services than the amount stated on their Loan Estimate. In addition, if a lender allows a consumer to shop for a settlement service, the lender will be required to provide the consumer with a written list identifying available providers of that service and clearly stating that the consumer may choose a different provider for that service. Read on to learn more about tolerances and shopping under the new rule, and check out a chart that outlines which fees can and can't change.
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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