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TILA-RESPA Integrated Disclosures


The Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosures (TRID) rule integrates federal mortgage forms required under the Truth-in-Lending Act (TILA) and Real Estate Settlement and Procedures Act (RESPA). A Loan Estimate replaces the Good Faith Estimate and early TIL disclosure, while a Closing Disclosure replaces the HUD-1 and final TIL disclosure.

Key Documents

CFPB Proposes Amendments to TRID

The Consumer Financial Protection Bureau on July 29 released amendments to TRID. The proposed changes correct technical problems, add clarity and incorporate informal guidance provided by the bureau in webinars into the official staff commentary. The amendments do not correct the inaccurate disclosure of title insurance premiums. The CFPB will accept comments to the proposed amendments until Oct. 18, 2016. Click here for more information.

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 Statements

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 Closing Disclosure.

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

August 25, 2016 Need to Brush Up on RESPA Compliance?
ALTA has provided two webinars on RESPA this year. The first, Revisiting RESPA: Understanding Things of Value and Referrals, provides an overview of the basics of RESPA Sections 8(a) and (b), explains the difference between a referral fee and an unearned fee or kickback, discusses what compensation is permissible under the law, give a good analytical framework to help with compliance and highlights scenarios when a referral or agreement might be a violation. The second, RESPA Section 8: What It Prohibits & What It Permits, provides an overview of the basics of RESPA Section 8 and the exceptions found in this provision. Both can be purchased in the ALTA Store.
August 25, 2016 CFPB Unveils TRID Resources Guide
The Consumer Financial Protection Bureau (CFPB) has compiled several resources to help title and settlement agents navigate changes the TILA-RESPA Integrated Disclosures (TRID) rule brought to the real estate transaction and closing process.
August 18, 2016 Tell the CFPB to Fix TRID
The public comment period for the Consumer Financial Protection Bureau’s (CFPB) amendments to the TILA-RESPA Integrated Disclosure (TRID) rule opened Monday after the proposed changes were published in the Federal Register. The comment period runs through Oct. 18, 2016.
August 11, 2016 Despite TRID Clarification, Check With Lender Before Sharing CD
In addition to clarifications and technical corrections to TRID, the CFPB's proposed amendments focus on other issues within the rule including privacy and sharing of the Closing Disclosure. Despite the proposed rulemaking addressing this topic, ALTA encourages members to continue to review closing instructions carefully as many lenders prohibit their settlement agents from sharing the Closing Disclosure with third parties, including real estate agents.
August 8, 2016 PHH Corp. v. CFPB: Six Issues to Watch
Bloomberg BNA | August 5, 2016
A federal appeals court is soon expected to release one of the most eagerly awaited opinions in years when it rules on a challenge to a Consumer Financial Protection Bureau enforcement action by PHH Corp.
August 5, 2016 CFPB Publishes 900-Page Final Rule on Mortgage Servicing
Housing Wire | August 4, 2016
The Consumer Financial Protection Bureau finalized new regulations Thursday that it says will ensure homeowners and struggling borrowers are treated fairly by mortgage servicers.
August 4, 2016 CFPB Looks to Add Consumer Survey to Complaint Process
According to the notice filed in the Federal Register, a Company Response Survey will replace the dispute option and allow consumers to offer both positive and negative feedback on their complaint experience.
August 2, 2016 ALTA Says CFPB Should Use TRID Comment Period to Ease Consumer Confusion
The CFPB said it did not intend to revisit major policy decisions in this rulemaking and did not correct the inaccurate disclosure of title insurance premiums.
August 2, 2016 CFPB Proposes Feedback Mechanism for Consumer Complaints
HousingWire | August 1, 2016
The Consumer Financial Protection Bureau today announced plans to change the “dispute” function in its consumer complaint database to allow complainants to take a short survey on the company’s response to their complaints. The survey information — a one-to-five rating of the company’s response and an optional narrative — would be shared with the company that is the subject of the complaint and, with the complainant’s permission, be posted in the complaint database. The bureau is accepting comments until Sept. 30, 2016.
July 26, 2016 Why Consumers Love The CFPB Complaint Database (And Why FIs And Lawmakers Don’t)
PYMNTS | July 26, 2016
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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