Understanding the Integrated Mortgage Disclosures (TRID)
Understanding the Integrated Mortgage Disclosures (TRID)
The "Know" Before You "Owe" Forms
April 2017
Genworth Mortgage Insurance Corporation
?2017 Genworth Financial, Inc. All rights reserved.
Agenda
In Today's Session We Will Cover the Disclosure Story
? The Who and Why
? Consumer Financial Protection Bureau (CFPB)
? The Enforcer
? Consumer Financial Protection Bureau (CFPB)
? When
? Timeline
? The Disclosures
? LE (Loan Estimate) ? CD (Closing Disclosure)
? CFPB References ? Genworth Resources & Tools
These training materials are not legal advice or a legal opinion. Your legal counsel should be consulted regarding the requirements of Dodd-Frank and the CFPB Rules.
TILA-RESPA Integrated Disclosure
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CFPB
The Who, Why and the Enforcer
TILA-RESPA Integrated Disclosure
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The Who and Why ? CFPB
The Consumer Financial Protection Bureau (CFPB), created with the passage of the Dodd-Frank Act, is the principal federal agency responsible for enforcement of RESPA laws and regulations*
- State attorney generals, state insurance commissioners and other state agencies also have authority to enforce RESPA
In January of 2012, President Obama appointed Richard Cordray to be the first Director of the CFPB
TILA-RESPA Integrated Disclosure
*As of July 2011
4
The Who and Why ? CFPB
Functions:
? Oversees rule-making for federal consumer financial protection laws ? Supervises large banks and most non-banks for compliance with federal
consumer financial laws ? Restricts unfair, deceptive, or abusive acts or practices ? Enforces federal consumer financial protection laws ? Enforces laws that outlaw discrimination and other unfair treatment in consumer
finance ? Takes, investigates, and responds to consumer complaints ? Promotes and conducts financial education programs ? Collects, researches, monitors, and publishes information to identify risks to
consumers and the proper functioning of markets
TILA-RESPA Integrated Disclosure
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Implementation Timeline
The When
TILA-RESPA Integrated Disclosure
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RESPA-TILA Mortgage Disclosure Forms
Loan Estimate(LE) & Closing Disclosure (CD)
? These current disclosures were implemented on October 3rd, 2015 and are used on:
? Most closed-end consumer mortgage loans.
Good Faith Estimate (GFE), Truth In Lending (TIL) &
HUD 1
? These disclosures were previously used on all Real Estate based loans but now are only used on:
? HELOC's (Home Equity Lines of Credit) ? Reverse Mortgages
TILA-RESPA Integrated Disclosure
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Loan Estimate (LE) and Closing Disclosure (CD)
The Disclosures
TILA-RESPA Integrated Disclosure
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