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TILA-RESPA Integrated Disclosures


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:

Submit Your Questions/Comments about the rule to ALTA here

Name
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Comments

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

May 3, 2016 Revisiting RESPA: Understanding Things of Value and Referrals
Compliance Webinar Series | 1:00-2:00 p.m. ET, Wednesday, May 25
While the Real Estate Settlement Procedures Act (RESPA) has been around since 1974, its broad language makes compliance with the law an ever-changing process. Recent CFPB and state enforcement actions have changed the game when it comes to understanding RESPA’s core prohibition on kickbacks and unearned fees. Learn the basics of Sections 8(a) and (b) of RESPA from a leading expert as attorney Andy Arculin of the law firm Venable explains the difference between a referral fee and an unearned fee or kickback, and what compensation is permissible under the law. Attendees will walk away with a good analytical framework to help with compliance.
May 3, 2016 The CFPB’s Tough Month of April
DS News | May 2, 2016
Much of the controversy surrounding the nearly 5-year-old Consumer Financial Protection Bureau revolves around whether or not the Bureau was given too much power under the Dodd-Frank Act.
May 3, 2016 ALTA Responds to CFPB’s Plans to Clarify TRID
Responding to concerns raised by ALTA and other trade associations about the TILA-RESPA Integrated Disclosures (TRID or Know Before You Owe), the Consumer Financial Protection Bureau announced plans to provide further guidance and open a new rulemaking period. ALTA took the opportunity to remind the bureau that the disclosure of title insurance premiums remains one area that needs corrected.
May 2, 2016 Mortgage Complaints on the Rise - CFPB
Mortgage Professional America | April 29, 2016
The Consumer Financial Protection Bureau received an average of about 4,600 mortgage complaints per month between January and March, according to its newest Monthly Complaint Report. That’s up from a monthly average of 3,800 during the same period last year.
May 2, 2016 Is the CFPB Tough Enough?
DS News | April 29, 2016
Much of the criticism leveled against the Consumer Financial Protection Bureau (CFPB) in the Bureau’s brief five-year history has been centered on claims that the CFPB is too tough on businesses it deems to have engaged in predatory financial activity.
April 26, 2016 Wall Street Journal Lays Waste to CFPB in Scathing Editorial
HousingWire | April 25, 2016
Calls agency an 'offense to constitutional governance'.
April 26, 2016 There may be a Future for TRID Securitizations Yet
HousingWire | April 25, 2016
Investors are still not sold on the safety of the private label securitization market now that TRID is in the mix, despite the majority of the industry getting accustomed to the rules. However, a new proposal from an industry group brings a possible solution to help get the secondary market moving again thanks to a clearer outline of how to rate TRID loans.
April 22, 2016 As Dodd-Frank Fight Continues, the Resistance Scores Some Victories
Bloomberg | April 21, 2016
Court challenges threaten to eat away at the 2010 Wall Street reforms.
April 21, 2016 How to Disclose Flood Insurance on Loan Estimate and Closing Disclosure
The CFPB staff stated that the term “homeowner’s insurance” as used under the rule includes flood insurance. According to Richard Horn of Richard Horn Legal PLLC, the CFPB noted that the flood insurance payments would be reflected in the Escrow tables on page four of the Closing Disclosure, “but they did not explicitly state how it would be referred to (i.e., as Homeowner’s Insurance or Flood Insurance).”
April 21, 2016 Settlement Agents Must Provide Seller Closing Information to Lender
Due to privacy concerns of sharing non-public personal information, lenders are having difficulty obtaining the seller information from title and settlement agents. Under TRID, though, title and settlement agents must provide the seller’s information to the lender, according to Richard Horn, the former CFPB attorney who led the TRID final rule and the design of the forms, and has since formed the law firm Richard Horn Legal PLLC.
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
Senior 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

    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 & Advocacy Manager
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: Homebuyer Outreach Program, Media Inquiries, Social Media, Press Releases, Title Action Network (TAN)



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