Title: “TILA/RESPA: More Than Just the Loan Estimate and Closing Disclosure”
Date: Tuesday, Jan. 20
When: Multiple sessions offered throughout the day
Who: Free for all credit unions
Link to register: www.cunamutual.com/tilarespa
Why you should attend:
“The TILA/RESPA Integrated Disclosure rule will completely overhaul the way credit unions go about mortgage lending and will likely impact the types of mortgage lending credit unions engage in,” said Maureen Clark, assistant regulatory compliance manager for CUNA Mutual Group. “CUNA Mutual Group is here to help credit unions prepare for the impacts this new rule will have on their closed-end real estate lending business.”
In addition to the Loan Estimate and Closing Disclosure, TILA/RESPA requires two new documents: the Escrow Cancellation Notice and the Settlement Service Providers List, which will both be discussed in detail for scope and purpose during the webinar.
“Not only are the TILA/RESPA disclosures new, it is crucial to have a plan in place for the crossover period from the current disclosures to the new TILA/RESPA Integrated Disclosures,” Clark said. “Once the rule comes into effect on Aug. 1, NCUA examiners will be focused on compliance with the new requirements.”
The Consumer Financial Protection Bureau (CFPB) issued the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) Rule in November 2013 to simplify and improve disclosures consumers receive when applying for and closing on mortgage loans. The disclosures under TILA and RESPA currently provided at the time of application and closing have been integrated and the new disclosures will need to be provided to credit union members for mortgage applications received on or after Aug. 1. The TILA/RESPA rule becomes effective and must be complied with on Aug. 1.
Register for the free TILA/RESPA Webinar