The Consumer Financial Protection Bureau’s final rule for new integrated mortgage disclosures doesn’t simply combine two disclosures. It merges to federal regulations as well. The new Loan Estimate and Closing Disclosure, which go into effect Aug. 1, 2015, will require changes to internal operations and procedures, technology platforms, business strategies and processes, and partnerships with lenders and real estate agents.
To help you prepare, ALTA and the Mortgage Bankers Association are hosting five RESPA-TILA Integration Forums to provide solutions so title and settlement agents, attorneys, lenders and their technology providers can work together to meet the new requirements.
Register for a forum and network with lenders from across the country.
Here is a look at what will be discussed at each forum:
• Latest from the CFPB – Bureau representatives will review key parts of the proposed rule, highlight final changes, explain recent guidance and cover the CPFB’s implementation resources.
• Getting from Pre-application to Loan Estimate – This session will focus on the process and workflow challenges presented around pre-application, application and provision of upfront Loan Estimates. Items to be reviewed include tolerances, written list of providers and vendor management.
• The Rule’s Implications for Closing/Settlement – Experts will identify the areas where title/settlement companies, lenders and others are changing their processes to address the preparation and issuance of the Closing Disclosure, including the new three-day review period.
• Helping your Operation Complete the New Forms – This session will focus on how fees must be disclosed, including new formatting and alphabetization of fees.
• Using Technology to Collaborate and Solve Compliance Problems – This session will provide participants a list of questions to ask software providers to ensure system preparedness for compliance. It will also identify areas where business practices and training need to complement technology.
• Changing the Real Estate Transaction – This discussion will examine how practices in the real estate market will be impacted by the rule, focusing on solutions to expedite transactions and provide positive consumer experiences.
Forums will be held around the country at convenient airport-accessible locations, including:
• Los Angeles, Thursday, Jan. 29
• Miami, Tuesday, Feb. 17
• Dallas, Thursday, March 5
• Chicago, Thursday, March 26
• Washington, D.C., Thursday, April 16
To register go to http://meetings.alta.org/respa-tila/