The CFPB amended the TILA/RESPA Integrated Disclosure (TRID) requirements and
adopted a mandatory compliance date of October 1, 2018. The TRID amendments
contain important clarifications and technical changes that all mortgage lenders
must understand and implement before the deadline. The amendments include
changes or clarifications to: the standard for updating information on revised
Loan Estimates; tolerances for the total of payments; sharing disclosures with
other parties; affiliate charges; calculating cash to close; the “in 5 years”
calculation; lender and seller credits; rate locks; escrow account disclosures;
written list of service providers; expiration dates for the closing costs
disclosed on the Loan Estimate; simultaneous second lien loans; partial payment
policy disclosures; good-faith determination of property taxes and property
value; and more. Given the scope, all mortgage lenders should review and analyze
the amendments and update their procedures.
The CFPB provided mortgage
lenders the flexibility to implement changes all at once, or phase them in
before October 1, 2018. This flexibility allows mortgage lenders to update
procedures and disclosure practices on their own timeline and better manage the
implementation process. This webinar will analyze the TRID amendments (which
total 560 pages) and provide a summary of the key changes and action items.
This webinar will also address the CFPB’s recent amendment, effective
June 1, 2018, allowing lenders to use the Closing Disclosure to reset tolerance
levels due to a changed circumstance or other triggering event.
- Analysis of key changes and clarifications of the
October 1, 2018, TRID amendments
- Specific changes and the impact on
- New expectation for updating information on revised
- Action items to assist your implementation plan
overview of the separate TRID amendment allowing the use of a Closing Disclosure
to reset tolerance levels after June 1, 2018
Steven Van Beek, Esq., NCCO, Howard & Howard Attorneys PLLC
Live and recorded webinar, handouts, quiz with answer key and
training log are included.