SunTrust Shares TRID Plans; Requires ALTA Best Practice Self Assessment by July 1
April 23, 2015
SunTrust Mortgage announced in a letter to its settlement service providers that it will produce and deliver the Closing Disclosure to consumers in order to comply with the TILA-RESPA integrated disclosure (TRID) rule.
SunTrust will require title and settlement agents to provide complete and accurate fees up to two weeks prior to the scheduled closing date.
In addition, the lender said it will handle any Closing Disclosure revisions. A final Closing Disclosure will be included with the closing documents and delivered to settlement service providers at closing.
“The procedural changes that these rules require will have significant impacts on the manner and timing of communications between SunTrust and its settlement service providers and cause changes to our respective roles and responsibilities, all of which are intended to ensure the best possible mortgage experience for our clients,” Andrew Valentine, SunTrust’s national closing manager, said in the email. “SunTrust is prepared for the new rules implementation and it is our expectation that our settlement service providers who close our loans are or will be prepared as well.”
Title and settlement agents will be responsible for preparing and delivering the sellers Closing Disclosure on purchase transactions. A signed copy of the sellers Closing Disclosure will be required as a condition to receive funding approval.
SunTrust expects its settlement service providers “to provide timely notice concerning any settlement fee changes that occur, including those that occur at or after closing.”
Prior to closing a loan impacted by the new rules, SunTrust will send an attestation form to its settlement service providers so they can confirm ability to comply with the rules and the expectations.
To prove compliance with third-party oversight required by the Consumer Financial Protection Bureau, SunTrust will require its settlement service providers to implement ALTA’s Best Practices. According to Valentine, settlement service providers must complete an ALTA Best Practice Self Assessment by July 1 to remain eligible to close loans for SunTrust.
“SunTrust believes that the most efficient and comprehensive way to comply with this guidance is to require our approved settlement agents to adhere to ALTA’s Best Practices,” Valentine wrote.
Contact ALTA at 202-296-3671 or [email protected].