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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
E-mail
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

July 26, 2016 Why Consumers Love The CFPB Complaint Database (And Why FIs And Lawmakers Don’t)
PYMNTS | July 26, 2016
As is often the case with things associated with the Consumer Financial Protection Bureau, the database it uses to log consumer complaints is an oddly controversial and touchy topic.
July 26, 2016 Cordray Snubbed in Obama-Warren Address on CFPB
National Mortgage Professional | July 25, 2016
President Obama observed the fifth anniversary of the opening of the Consumer Financial Protection Bureau (CFPB) by sharing his weekly address with Sen. Elizabeth Warren (D-MA), the architect of the Bureau--but without making any mention of Richard Cordray, the CFPB Director.
July 25, 2016 CFPB Again Finds Loan Servicers Routinely Violate Federal Laws Causing Injury to Homeowners
The Hill | July 22, 2016
In the final days of June, 2016 the Consumer Finance Protection Bureau (CFPB) released its eleventh Supervisory Highlights report. The Report offers a summary of findings from CFPB regulatory investigations on loan servicing practices and compliance with federal statutes including the Real Estate Settlement Procedures Act (RESPA).
July 21, 2016 Putting Housing Finance On The Agenda
Globe St. | July 21, 2016
That’s one goal of the National Multifamily Housing Council as it stages events at both the Republican and Democratic conventions.
July 21, 2016 D.C. Decision, Expected in Fall, Could Reverse CFPB's Actions, Change Structure
Legal Newsline | July 20, 2016
A highly anticipated decision from the Washington, D.C., federal appellate court in a dispute between the Consumer Financial Protection Bureau and a New Jersey mortgage company may not only affect that particular industry, but also significantly impact the actions of the federal agency, attorneys say.
July 21, 2016 Freddie Mac Must Face Revived Lawsuit Over Subprime Exposure
Reuters | July 20, 2016
A federal appeals court on Wednesday revived Ohio's lawsuit accusing Freddie Mac of defrauding the state's $87.3 billion public pension fund by hiding its exposure to subprime and other risky mortgages prior to the 2007-09 financial crisis.
July 20, 2016 GOP Lawmakers Blindsided by Trump's Embrace of Glass-Steagall
American Banker | July 19, 2016
The move puts the Republican Party in step with liberal senators and would accompany a repeal of Dodd-Frank.
July 19, 2016 Cordray: Fixing Title Premium Disclosure Improbable
Responding to a letter from 74 members of Congress, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray indicated the bureau will not address the portion of the TRID rule that requires consumers to receive incorrect fees for title insurance premiums on their mortgage disclosures. Read on to learn what you can do to help convince the bureau that its method for disclosing title premiums is faulty and leads to confusion.
July 19, 2016 Survey: Voters Want More, Not Less, Financial Regulation
DS News | July 18, 2016
In the midst of a heated debate in Congress where Republicans are trying to push their alternative to the Dodd-Frank Act, the Financial CHOICE Act, and Democrats are fiercely resisting the proposed change, a poll showed bi-partisan support for greater financial accountability and tougher regulation.
July 15, 2016 Risk Retention Rattles Commercial Mortgage Market
National Mortgage News | July 15, 2016
Upcoming risk retention requirements may be the proverbial straw that breaks the back of the commercial mortgage-backed securities market.
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: ben@alta.org
Phone: 202-296-3671 Ext. 220
Contact Me About: Government Affairs

    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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