Ellie Mae Publishes TILA-RESPA Guide
July 2, 2015
Ellie Mae, a provider of on-demand software solutions and services for the residential mortgage industry, announced that it is publishing a free, comprehensive 16-chapter guide designed to help industry participants understand and comply with the CFPB’s TILA-RESPA Integrated Disclosures (TRID) rule.
The new federal rule mandates the use of two new disclosure forms to help borrowers better understand the impact of getting a mortgage: a Loan Estimate, which replaces the current Good Faith Estimate and the initial Truth-in-Lending disclosure; and a Closing Disclosure, which replaces the HUD-1 Settlement Statement and final Truth-in-Lending disclosure.
Industry concern over TRID has pervaded since they were first proposed two years ago and has gained momentum as this year’s effective date approached.
“The new disclosures, proposed to go into effect on October 3, are the most significant changes the industry has seen. Ellie Mae has been working diligently over the last year to ensure that our software and our clients are ready and it is important to share what we have learned thus far,” said Ellie Mae President and CEO Jonathan Corr. “The new Integrated Disclosure Rule will impact almost everything lenders do. We hope that the FAQ we are publishing will shed light on the grayer areas of the new rule, so that everyone can better prepare.”
The FAQ, which will continuously evolve, is written by Ellie Mae’s compliance team. The chapters are based upon commonly asked questions from Ellie Mae training and webinars. Citing specific language in the 1,888-page rule, the FAQ includes information about when the new disclosures apply, which loans are excluded and which loans are partially exempted, as well as important definitions and requirements involving the timing of disclosures.
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