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The Mortgage Lender's Guide to the Truth-in-Lending Act and RESPA Disclosure Integration Rule
Author:
James H. Pannabecker
(Author)
The new Mortgage Lender's Guide provides all the information you need for implementing TILA-RESPA disclosure integration in one place, including: slide-ready summaries for presentations, which will help you train and explain the new Rule to your lending teams; short examples that illustrate aspects of the TILA-RESPA Disclosure Integration Rule, which will ensure you have a good understanding of how to comply with the new requirements; charts covering the loans to which the new Rule applies; new rounding rules; and the disclosures that were required before and after the new Rule. These charts will ensure your timely and accurate compliance with the new Rule; Explanations of the new Loan Estimate and Closing Disclosure forms, page-by-page, table-by-table, and item-by-item, which will save valuable drafting time; Details of how the new Rule affects application processing, e.g., pre-loan estimates, preapprovals, fee collection, verification of information, timing of Loan Estimate (and "business day" rules), and listing of settlement service providers, which will ensure you develop and maintain effective business operations.
Publisher: Matthew Bender Elite Products
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Publication Information:
The Mortgage Lender's Guide to the 2015 Truth-in-Lending Act and RESPA Disclosure Integration Rules: Pub number 01912 Print or eBook
Background:
On November 20, 2013, the Consumer Financial Protection Bureau approved the TILA-RESPA Disclosure Integration Rule (DI Rule). The DI Rule combines and integrates the disclosure forms that consumers receive when they apply for closed loan mortgages (mortgages that don't allow prepayment). The new DI Rule amends Regulations X, the Real Estate Settlement Procedure Act and Regulation Z, the Truth-in-Lending Act.
Who Needs Information About the New DI Rule?
Lenders and mortgage brokers of closed end mortgages will need to shift all of their consumer residential mortgage loan applications to the requirements of the DI Rule on October 3, 2015. This is a critical and mandatory deadline. Until October 3, 2015 lenders must continue providing the current forms (e.g., Good Faith Estimates and Truth-in-Lending Disclosures). For loan applications received on or after October 3, 2015, however, lenders must provide Loan Estimates and Closing Disclosures. Lenders must have their new forms and procedures ready to go on October 3, 2015.
Is the New DI Rule Just About Some New Forms?
No. The DI Rule does more than just combine application and closing disclosures. The DI Rule provides very specific instructions - which must be complied with - on how to complete Loan Estimates and Closing Disclosures. The DI Rule also affects policies and procedures beyond disclosure integration, including:
• a new escrow closing notice requirement before many escrow accounts can be closed;
• new disclosure requirements when ownership of a loan changes
• new guidance requirements related to buydowns
• new simplified disclosure of prepayment penalties
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