ALTA Members Can Access Webinars on CFPB’s Proposed Regulations and Mortgage Disclosures
|August 14, 2012|
Since the Consumer Financial Protection Bureau released its 1,099-page proposed rule to go with a new Loan Estimate and Closing Disclosure that will replace the current TIL, GFE and HUD-1 disclosures, ALTA has held several webinars to help inform the industry about the proposal and prepare for the changes.
Nearly 2,000 industry professionals have participated on the presentations to learn how the proposed forms and regulations could impact business and work flow.
Joining ALTA CEO Michelle Korsmo and ALTA lobbyists have been ALTA RESPA Task Force members Don Wold (chair) of Old Republic National Title Insurance Co., Leslie Wyatt of SoftPro and Ruth Dillingham of First American Title Insurance Co., as well as ALTA members Francine D’Elia Wirsching of Community First Abstract and Shari Schneider of Title Resource Group.
The first webinar on July 12 provided an overview of the proposed regulations. The second webinar on July 25 addressed the proposed three-page Loan Estimate, which will replace the early TIL and GFE, and the five-page Closing Disclosure, which will replace the HUD-1 and final TIL. The third webinar on Oct. 8 analyzed the proposed three day rule and how it could delay closings and impact business.
Click here to access past presentations. Note that you must be logged in to access the recordings. To get involved, join the Title Action Network.
The proposed regulations and mortgage disclosures are currently under a public comment period that ends Nov. 6, 2012. Comments regarding changes to the calculation of the finance charge and annual percentage rate are due by Sept. 7, 2012
As you review the rule and the new forms, consider how it will impact your business and consumers. You can send feedback to ALTA at email@example.com so that we can incorporate them into ALTA’s official comments to the CFPB. Click here to submit comments directly to the CFPB. When providing feedback, give specific examples of how this will impact consumers and the industry, along with suggested changes to improve the rule and forms. The CFPB will review and analyze the comments before issuing a final rule.
Click here for more information about CFPB’s proposal and view all of ALTA’s advocacy efforts regarding the mortgage disclosures. If you have questions or for more information, contact any of ALTA’s government affairs team: