Market and some of the unintended consequences related to its
Overview
The purpose of this session is to provide an overview of the TILA-RESPA
Integrated Disclosure Rule, ¡°TRID¡±, from a Secondary Market Perspective.
This session will discuss the implications that TRID has had on the secondary
market and some of the unintended consequences related to its
implementation.
Topics include Investors Considerations, TRID Assignee Liability, Compliance
Issues, and Cures/Remediation of Errors.
Presenter: Scott McNulla
SVP Regulatory Compliance
American Mortgage Consultants, ¡°AMC¡±
AMC is a leading nationwide due diligence and consulting services provider
with offices in New York, Chicago, Denver, Dallas, and Tampa.
AMC does not provide legal advice or issue legal opinions. Please contact your legal counsel for legal advice
1
Table of Contents
1.
TRID Background
2.
Investor Concerns (Secondary Market Considerations)
3.
TRID Assignee Liability
4.
Current TRID Compliance
5.
Cures / Remediations
6.
CFPB Proposed TRID Rule Clarifications
2
Background
For over 30 years, lenders were required to provide 3 disclosures to
consumers applying for a mortgage. The Good Faith Estimate (GFE) the Truth
in Lending (TIL) disclosure and the HUD-1 Settlement Statement
The forms were required under 2 different statutes, Real Estate Settlement
Procedures Act (RESPA), and Truth in Lending Act (TILA), and the forms
contained overlapping information with inconsistent language
The Dodd-Frank Wall Street Reform and Consumer Protection Act (DoddFrank Act) directed the Consumer Financial Protection Bureau (CFPB) to
integrate the 2 disclosures (both at application and closing) into 1 more
meaningful and consumer-friendly form.
The CFPB¡¯s new rule was introduced as the TILA-RESPA Integrated Disclosures
Rule, or ¡°TRID¡± also referred to as Know Before you Owe, or ¡°KBYO¡±.
3
Background Timeline
July 21, 2010 - Dodd-Frank Wall Street Reform and Consumer Protection Act
July 9, 2012 - Proposal of the new rule
November 6, 2012 - The Comment period on the proposed rule closes
November 20, 2013 - The final rule is published
January 20, 2015 - Amendments to the rule are issued
July 21, 2015 - New Effective Date Announced
July 28, 2016 - Proposal of Amendments to the rule
October 18, 2016 - Comment period closes
TBD - Amendments to the rule have not yet been issued
4
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