We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published byCathleen Parrish
Modified about 1 year ago
© 2015 Fidelity National Title Group
Five Things You Need to Know Before August 2015 1. Be able to explain the new Loan Estimate and Closing Disclosure 2. Timing of closings are impacted by disclosure delivery rules 3. Title fees may need to be adjusted at closing and explained 4. Line numbers have been removed and there are now 7 fee areas 5. Your client will likely receive more than one Closing Disclosure Five things to know | Summary 2 © 2015 Fidelity National Title Group
Five Things You Need to Know Before August 2015 After the 2008 financial meltdown, Congress established the Consumer Financial Protection Bureau (CFPB). Among its first tasks was the combination of forms provided to borrowers at both the beginning and end of their loan transaction. In 2013, CFPB published its final rule revealing these two new combined forms. 1. Be able to explain the new Loan Estimate and Closing Disclosure 3 © 2015 Fidelity National Title Group
Five Things You Need to Know Before August 2015 Currently, borrowers receive two separate forms from their lender at the beginning of the transaction: the Good Faith Estimate ( GFE), a form required under the Real Estate Settlement Procedures Act (RESPA), and the initial disclosure required under the Truth-in Lending Act (TILA). For loan applications taken on or after August 1, 2015 the creditor will instead use a combined Loan Estimate form intended to replace the two previous forms. The new three-page Loan Estimate form must be provided to borrowers on a timetable similar to the current receipt of the GFE. Loan Estimate 4 © 2015 Fidelity National Title Group
Five Things You Need to Know Before August 2015 The combination of forms continues at the end of the transaction as well, with the HUD-1 Settlement Statement and the final TILA forms now combined into a single Closing Disclosure form. This new five-page form is used not only to disclose many terms and provisions of the loan, but also the financial transaction of the closing of the sale. Closing Disclosure 5 © 2015 Fidelity National Title Group
Five Things You Need to Know Before August 2015 2. Timing Of A Closing Will Be Impacted By Closing Disclosure Delivery 6 © 2015 Fidelity National Title Group
Five Things You Need to Know Before August 2015 3. Title Fees May Need To Be Adjusted At Closing And Explained Both the new Loan Estimate and Closing Disclosure forms require any listing of a settlement service involving title insurance or closing activities to be preceded by the phrase “Title – “. In doing so, a borrower can clearly see all such charges in the same area. However, that is where the clarity ends. Simultaneously-Issued Rate Full, not discounted, loan policy premium Owner’s Policy Lender’s Policy 7 © 2015 Fidelity National Title Group
Five Things You Need to Know Before August 2015 4. Line numbers have been removed; now there are seven fee areas The line numbering on the HUD-1 familiar to most of us is gone. Instead, the fees and charges are placed on the Closing Disclosure in one of seven areas: Origination Charges Services Borrower Did Not Shop For Services Borrower Did Shop For Taxes and Other Government Fees Pre-paids Initial Escrow Payment at Closing Other 8 © 2015 Fidelity National Title Group
Five Things You Need to Know Before August 2015 5. Your Client Will Likely Receive More Than One Closing Disclosure Since the buyer/borrower will receive a Closing Disclosure several days before the closing (and likely a few days before a walk-through on the property), buyers/borrowers will likely receive a new, adjusted Closing Disclosure at the closing showing any changes that occurred between the initial disclosure and the closing, including adjustments due to timing of the closing, walk-through adjustments and other matters. But changes may not end there and CFPB mandates that changes in financial disclosure numbers (i.e. changes in a recording fee) in any amount must be re-disclosed, even post-closing. 9 © 2015 Fidelity National Title Group
10 © 2015 Fidelity National Title Group
© 2015 Ticor Title Know before you close. 1 © 2015 Ticor Title New mortgage disclosure forms and how they change every transaction you work on after August.
1 © 2015 Fidelity National Title Group. 2 What is the CFPB? CFPB Stands for the CONSUMER FINANCIAL PROTECTION BUREAU It is an Independent Bureau within.
© 2015 Ticor Title Know before you close. 1 © 2015 Ticor Title Your CFPB readiness partner – every step of the way Know before you close. An Introduction.
CFPB AND THE REO TRANSACTION What You Need to Know Before you Close August 20, 2015.
© 2015 Fidelity National Title Group a a Know before you close. The New Loan Estimate & Closing Disclosure Explained A look at the different sections of.
Cunningham & Company is a trade name for CMC Funding, Inc. NMLS ID#
© OnCourse Learning Chapter 16 : Title Closing and Escrow.
Five Things You Need to Know Before August What Transactions Types Are Affected 2.What Transaction Types Are Exempt 3.The New Forms – Loan Estimate.
© 2015 Fidelity National Title Group. Five Things You Need to Know Before August What Transactions Types Are Affected? 2.What Transaction Types.
Presented by: Aaron Blum Bank of the West Date: January 26, 2010 RESPA OVERVIEW OF GFE/HUD-1 CHANGES.
© 2015 Fidelity National Title Group. Five Things You Need to Know Before August Who will prepare the new Closing Disclosure? 2.Who will deliver.
Consumer Financial Protection Bureau. Five Things You Need to Know Before August 2015.
© 2010 by Cengage Learning Chapter 16 ________________ Title Closing and Escrow.
TITLE CLOSING (CHAPTER 16). Title Closing The final step in the process of transferring title from grantor to grantee Title closing is referred to.
Presented by: Lacy Smith Wallace KAAR Affiliate Member Regions Bank.
The Consumer’s Guide to TRID How will the new regulations change your next mortgage loan and settlement?
© 2015 Ticor Title Know before you close. 1 © 2015 Ticor Title Straight talk about how we can have a smooth transition to the new CFPB regulations and.
© 2015 Ticor Title Know before you close. 1 © 2015 Ticor Title Important things to know and how they change transactions you work on every day. Five Things.
TILA – RESPA Integrated Disclosures (TRID) Townhall Webinar Process and Tolerances 03/2015Ark-La-Tex Financial Services, LLC - For internal use only1.
Modern Real Estate Practice in Pennsylvania 12th Edition Chapter 22: Closing the Real Estate Transaction.
UNDERSTANDING the New Loan Estimate and Closing Disclosure.
BROKER’S GUIDE TO TRID. Overview Standard Loan Estimate (LE) / Alternate Loan Estimate (LE) Combines early TIL statement and GFE The LE must be delivered.
← TILA-RESPA INTEGRATED DISCLOSURE (TRID) RULE Effective August 1, 2015 Part 1: Understanding Integrated Disclosures →
TRID T ILA R ESPA I NTEGRATED D ISCLOSURE | Equal Housing Lender | NMLS | 4121 Gilmer Rd, Suite 200 Longview, TX Effective August 1 st, 2015.
The Final RESPA Rule. Principles of RESPA Reform Help consumers shop for the best loan Shopping leads to greater competition & lower prices 2.
1 TRID TILA/RESPA Integrated Disclosures. 2 Any residential loan originated after October 3, 2015 will be subject to the new rules and forms set forth.
TILA – RESPA Integrated Disclosures (TRID) Townhall Webinar 02/10/2015Ark-La-Tex Financial Services, LLC - For internal use only1.
1 TILA / RESPA Integration The Times, They Are A-Changing (Again)! – presented by – Jack Konyk Executive Director, Government Affairs 2015 OMBA Annual.
Home Buying Process The Mortgage Process Part I. Objectives Explain the Loan Application Process Identify Items Listed on the Good Faith Estimate Identify.
Modern Real Estate Practice in Illinois Eighth Edition Chapter 23: Closing the Real Estate Transaction ©2014 Kaplan, Inc.
Dodd-Frank Update TRID and Closings Eugene Marconi Legal Counsel Berkshire Hathaway HomeServices New England Properties.
The CFPB and the Rules Affecting the Way we Do Business! Presented by Dawn Enoch Moore Texas Land Title Association President.
What REALTORS® Should Know About CFPB Changes Courtesy of:
Chapter 8 Federal Housing Policies: Part One. Chapter 8 Learning Objectives Understand how federal legislation has affected the mortgage and housing markets.
CUNA Mutual Group Proprietary Reproduction, Adaptation or Distribution Prohibited © 2015 CUNA Mutual Group, All Rights Reserved. TILA/RESPA: More than.
1 TILA-RESPA Integrated Disclosures TRID Presented By: These materials are presented for informational purposes only and are not intended to constitute.
© Copyright 2009 RamQuest Software, Inc. A Proactive Approach to RESPA Reform Mary Schuster RamQuest Software, Inc. Director of Operations.
©OnCourse Learning. All Rights Reserved.. Title Closing and Escrow ©OnCourse Learning. All Rights Reserved. Chapter 22.
Modern Real Estate Practice in Illinois Chapter 23: Closing the Real Estate Transaction.
Chapter 22 Closing the Real Estate Transaction Some closings are face-to-face, and some are conducted through escrow. But in all cases, once again, it’s.
Real Estate Principles and Practices Chapter 12 Closing Statements © 2014 OnCourse Learning.
Chapter 18 Escrow Procedures. The last step in the loan process is CLOSING, when the loan proceeds are distributed and a deed to the property is transferred.
12/ Application GFEHUD-1Chng Cir/ Tolerance /2009.
Chapter 14 Federal Regulation of Mortgage Lending.
Real Estate Principles and Practices Chapter 12 Closing Statements © 2010 by South-Western, Cengage Learning.
© 2012 Cengage Learning. Residential Mortgage Lending: Principles and Practices, 6e Chapter 15 Closing and Delivery; Quality Control and Fraud.
Mortgage Loans Things everyone should know. Darin Domingue, CEM Deputy Chief Examiner Office of Financial Institutions.
© 2017 SlidePlayer.com Inc. All rights reserved.