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OnDemand Course

CFPB Mortgage Disclosure Rules: New Requirements and Impacts on the Mortgage Industry

Learn the aspects of the rule changes, new forms and how you must stay compliant with these changes.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) directed the Consumer Financial Protection Bureau (CFPB) to combine the mortgage loan disclosures under the Truth in Lending Act and Real Estate Settlement Procedures Act into integrated disclosures. After many rounds of testing, the CFPB developed an integrated application disclosure called the Loan Estimate and an integrated closing disclosure called, appropriately, the Closing Disclosure. The CFPB also developed an accompanying rule for the new forms. The new forms and rules became effective October 3, 2015. Examine the basic aspects of the rule and the new integrated disclosure forms, and include a tour of the forms, and issues regarding the rule and forms. The topic will highlight changes that will require decisions regarding how companies conduct business, and that will place burdens on staff and systems, and common issues created by the rule that pose challenges for mortgage industry participants. This topic is important for all parties who participate in the residential mortgage loan industry or assist industry participants, including mortgage lenders and brokers, real estate brokers and agents, title companies, escrow and settlement companies, technology companies, document providers and attorneys.

Runtime: 90 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

TILA/RESPA Integrated Disclosure (TRID) Rule Basics

  • Scope
  • Effective Date and Related Matters
  • The New Forms
  • Liability
  • Regulator and Secondary Market Approach During Implementation
  • Current Matters

Pre-Application Limits

  • Written Cost Estimate Requirements
  • Upfront Fee Limits
  • Upfront Verification Limits

Revised Definition of Application

  • Implications

Loan Estimate Rules

  • Who Provides; Timing and Delivery
  • Written List of Providers
  • Limits on Increase in Charges
  • Ability to Revise Loan Estimate
  • Fee Disclosure Approach

Tour of Loan Estimate Form

Closing Disclosure Rules

  • Who Provides; Timing and Delivery
  • Ability to Revise Closing Disclosure
  • Fee Disclosure Approach
  • Post Consummation Corrections

Tour of Closing Disclosure Form

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More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on April 26, 2016.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Richard J. Andreano

Richard J. Andreano

Ballard Spahr LLP

  • Partner at Ballard Spahr LLP
  • Practice leader, Mortgage Banking Group, Ballard Spahr LLP
  • Fellow, American College of Consumer Financial Services Lawyers
  • Chambers USA: America's Leading Lawyers for business, banking and finance: financial services regulation: consumer finance (compliance), national ranking, 2014 to 2017
  • Wrote MBA Compliance Essentials Loan Originator Compensation Resource Guide™, published by the Mortgage Bankers Association
  • Co-wrote, MBA Compliance Essentials TILA/RESPA Integrated Disclosure TRID Rule Resource Guide™, published by the Mortgage Bankers Association
  • Editor-in-chief, Mortgage Finance Regulation Answer Book 2011-2012, published by the Practising Law Institute; author of chapters on the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Home Mortgage Disclosure Act, and the Real Estate Settlement Procedures Act; and co-author of the Equal Credit Opportunity Act and Truth in Lending Act chapters
  • Counsels clients on residential mortgage regulatory matters, including ability to repay, TILA/RESPA integrated disclosure (TRID) rule, CFPB and other regulator supervision and examination, UDAAP and other Dodd-Frank matters
  • Frequent speaker and author on mortgage industry issues
  • Can be contacted at 202-661-2271 or [email protected]
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 397111
Published 2016
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