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.
For more information and to register, CLICK HERE.