ALTA has advocated for its members the Consumer Financial Protection Bureau's (CFPB) final regulation for Truth-in-Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) Integrated Disclosures (TRID). TRID disclosures are required to be used on most residential mortgage transactions after October 3, 2015. A Loan Estimate will replace the current Good Faith Estimate (GFE) and early TIL disclosure, while a Closing Disclosure will replace the HUD-1 and final TIL disclosure.
Impact to the Industry
ALTA members will need to comply with these new disclosure requirements, which will require the title and settlement industry to go through one of the largest and most costly regulatory changes in its history.
Compliance with this regulation will require more than simply updating our systems for two new disclosure forms – it requires a paradigm shift in the way real estate settlements occur in the United States.
ALTA Policy Statement
ALTA Board Statement on ALTA's Priorities (adopted February 2015)
In 2015, the Board of Governors of the American Land Title Association will work with Congress and the Administration to: (1) ensure implementation of TILA/RESPA Integrated Disclosures is as smooth as possible and improve how the CFPB works with ALTA members; (2) promote responsible reform of our nation's housing finance; (3) improve FHA's onerous rules for title clearance of REO property and condo eligibility; and (4) advocate on tax policies important to ALTA's small business members and their real estate customers.
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)
April 16, 2015 - Statement for the Record
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 (House Financial Services Committee Subcommittee on Financial Institutions and Consumer Credit)
Rob Chapman - May 20, 2014
"Who's In Your Wallet: Examining how Washington Red Tape Impairs Economic Freedom (House Financial Services Subcommittee on Financial on Financial Institutions and Consumer Credit)
April 8, 2014 ALTA Statement for the Record
June 16, 2015: ALTA Statement on Proposed TRID Delay
May 14, 2015: ALTA Lobby Day Leave Behind
April 27, 2015: H.R 2213
March 18, 2015: Letter to CFPB Director Richard Cordray on TRID
November 10, 2014: ALTA comment letter on CFPB timing for issuing disclosures
September 16, 2014: Joint trades letter to CFPB Director Richard Cordray on TRID implementation
April 8, 2014: ALTA Statement for the Record for Financial Services Subcommittee on Financial Institutions and Consumer Credit hearing entitled, "statement for the record for this hearing entitled "Who's In Your Wallet: Examining How Washington Red Tape Impairs Economic Freedom."
November 6, 2012: ALTA Comment letter to CFPB on proposed TRID regulation
April 16, 2012: Joint Trades RESPA-TILA Integration Comment Letter to the CFPB
October 18, 2016 - 101816_TRID_Comment_1
October 18, 2016 - 101816_TRID_Comment_2
July 18, 2016 - 2016.07.14 RC to Ross Perlmutter et al_KBYO_title insurance
May 31, 2016 - May TRID Dear Colleague