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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

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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

June 30, 2016 Early Signs on Fintech from Consumer Financial Protection Bureau
The National Law Review | June 30, 2016
There is no doubt that the regulation of financial technology (fintech) companies is on the rise. Fintech companies broadly mean companies that provide products, services and technology where traditional banking and financial services leave off and technology takes off.
June 29, 2016 Fitch Adds TRID Grading to RMBS Due Diligence Reviews
National Mortgage News | June 29, 2016
Fitch Ratings has updated its new loan level due diligence residential mortgage-backed securities grading methodology to include compliance grading related to the TILA-RESPA integrated disclosure rules.
June 28, 2016 Hundreds of Lenders Still Haven't Used FHA Appraisal Portal
National Mortgage News | June 28, 2016
The deadline has arrived for mandatory submissions to the Federal Housing Administration's Electronic Appraisal Delivery portal, but as many as one-third of lenders that originate FHA-insured mortgages have yet to use the new system.
June 28, 2016 3 Takeaways (a Litigator’s Perspective) from CFPB Supervisory Highlights
Lexology | June 28, 2016
The CFPB recently issued its newest edition of Supervisory Highlights Mortgage Serving Special Edition, Issue 11 (June 2016).
June 27, 2016 How Former CFPB Official Handles Compliance
Banking Exchange | June 24, 2016
“Anyone who’s gotten a mortgage knows how much white noise there is in the disclosure process,” says Steve Antonakes, senior vice-president and chief compliance officer at Massachusetts’ Eastern Bank. By the time the mortgage closes, the file has likely grown three inches thick, Antonakes says.
June 24, 2016 U.S. House Delays Consideration of Appropriations Bill with Three Major CFPB Reforms Attached
ACA International | June 23, 2016
Consideration of the Financial Services and General Government Appropriations Act is delayed due to a break by the U.S. House of Representatives through July 4.
June 23, 2016 CFPB: Servicers are Using Failed Technology
DS News | June 23, 2016
Some mortgage servicers have violated the Consumer Financial Protection Bureau (CFPB)’s new servicing rules by continuing to use failed technology that has harmed consumers, according to a special edition supervision report issued by CFPB on Wednesday.
June 23, 2016 Title Agents Report Increase in Cost to Close Loans
According to First American Financial’s latest Real Estate Sentiment Index, title agents reported an average increase of $184 per transaction. The report noted that the increases are not necessarily due to the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rule, but rather are attributed to various approaches to how lenders have implemented the rule.
June 23, 2016 Some Mortgage Servicers Break U.S. Rules, Mostly Due to Technology: Consumer Bureau
Reuters | June 22, 2016
Some mortgage servicers are failing to follow federal rules intended to help struggling borrowers avoid foreclosure, often because they use faulty technology, the U.S. agency charged with protecting consumers' finances said on Wednesday.
June 22, 2016 Title Agents See Higher Closing Costs in Second Quarter
National Mortgage News | June 21, 2016
Title agents reported an average increase per transaction of $184 during the second quarter, according to a report from First American Financial Corp.
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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