Overview
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.
TRID Compliance – resources for how to comply with TRID
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
ALTA Advocacy
September 7, 2017: U.S. Rep. French Hill (R-AR) Discusses Need to Fix TRID during Congressional Hearing
September 7, 2017: Draft Bill to Fix TRID Discussed During Congressional Hearing
June 16, 2015: ALTA Statement on Proposed TRID Delay
June 9, 2015: Joint trades letter to Rep. Hensarling and Rep. Waters on H.R. 2213
May 14, 2015: ALTA President Diane Evans written testimony before House Committee on Financial Services
May 14, 2015: ALTA Lobby Day Leave Behind
May 5, 2015: Joint trades letter to Rep. Pearce and Rep. Sherman on H.R. 2213
April 30, 2015: Meeting request to Director Cordray from ALTA President Diane Evans
April 27, 2015: H.R 2213
April 16, 2015: ALTA Statement for the Record for Banking hearing on Regulatory Burdens to Obtaining Mortgage Credit
April 15, 2015: ALTA President Diane Evans written testimony before House Committee on Financial Services
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
May 15, 2013: Joint Trades letter thanking Rep. Perlmutter for Dear Colleague letter to CFPB
May 15, 2013: Joint Trades letter thanking Rep. Stivers for Dear Colleague letter to CFPB
November 6, 2012: ALTA Comment letter to CFPB on proposed TRID regulation
October 11, 2012: Meeting request with Richard Cordray from ALTA President Frank Pellegrini
April 16, 2012: Joint Trades RESPA-TILA Integration Comment Letter to the CFPB
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