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TILA – RESPA Integrated Disclosures (TRID)

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Presentation on theme: "TILA – RESPA Integrated Disclosures (TRID)"— Presentation transcript:

1 TILA – RESPA Integrated Disclosures (TRID)
Townhall Webinar Process and Tolerances 03/2015 Ark-La-Tex Financial Services, LLC - For internal use only

2 Ark-La-Tex Financial Services, LLC - For internal use only
Process 03/2015 Ark-La-Tex Financial Services, LLC - For internal use only

3 Ark-La-Tex Financial Services, LLC - For internal use only
Closing Disclosure – Page 2 03/2015 Ark-La-Tex Financial Services, LLC - For internal use only

4 Ark-La-Tex Financial Services, LLC - For internal use only
Closing Disclosure – Page 3 03/2015 Ark-La-Tex Financial Services, LLC - For internal use only

5 ALTA Closing Disclosure Calendar
03/2015 Ark-La-Tex Financial Services, LLC - For internal use only

6 Good Faith Estimate Tolerances (Today)
03/2015 Ark-La-Tex Financial Services, LLC - For internal use only

7 Loan Estimate Variances (August 1)
These charges cannot increase at settlement: [Zero Tolerance] Origination charges, including points and other fees paid to lender or broker (Section A) Services paid to affiliate of lender to broker (all Sections) Services borrower did not shop for, such as appraisal and credit report (Section B) Transfer taxes (Section E.02) The total of these charges can increase up to 10% at settlement: [10% Tolerance] Services the borrower did shop for if both of the following apply (Section C): Paid to unaffiliated third party Consumer either selects provider on Settlement Service Providers List or does not select any provider Recording fees (Section E.01) These charges can change at settlement: [No Tolerance Limitation] Prepaid interest (Section F) Homeowners' insurance premium (Section F) Initial escrow payment at closing (Section G) Required services that you can shop for - if borrower selects an unaffiliated third party provider not on the Settlement Services providers List (Section C.) Charges paid to third party provider for service not required by creditor, such as home warranty fee, HOA fees (Section H) 03/2015 Ark-La-Tex Financial Services, LLC - For internal use only

8 Ark-La-Tex Financial Services, LLC - For internal use only
Loan Estimate and Closing Disclosure * Unless affiliated with creditor or broker, then zero tolerance 03/2015 Ark-La-Tex Financial Services, LLC - For internal use only

9 Settlement Service Providers List
03/2015 Ark-La-Tex Financial Services, LLC - For internal use only

10 Settlement Service Providers List
If consumer is permitted to shop, we must provide written list of providers to the consumer Must list at least one available settlement service provider for each service Providers must correspond to the Loan Estimate, Section C. 03/2015 Ark-La-Tex Financial Services, LLC - For internal use only

11 Resetting the 10% tolerance
Example Initial Loan Estimate estimates $400 in the 10% bucket Changed circumstance increases fees by $20 (5%) Tolerance is not reset and revised Loan Estimate is not required Another changed circumstance increases fees by $28 (7%) Combined with earlier change of circumstance fees increased $48 (12%) Revised Loan Estimate provided with new fees of $448 within three business days Tolerance reset: Fees can increase by another 10% ($44) before closing You have to cross the threshold: 10% tolerance is not reset if changed circumstance increases aggregate total of charges by 10% or less You may reissue Loan Estimate but it must be disregarded when testing for compliance with tolerances Three-day requirement for reissuing Loan Estimate measured from the event that causes the aggregate increase to exceed 10% 03/2015 Ark-La-Tex Financial Services, LLC - For internal use only

12 Ark-La-Tex Financial Services, LLC - For internal use only
What to do now Talk to your real estate agents and settlement agents Flyers in Marketing Machine More to come Tools on Benchmark Portal ALTA Closing Disclosure Calendar TIP Explanation Presentations 03/2015 Ark-La-Tex Financial Services, LLC - For internal use only

13 Ark-La-Tex Financial Services, LLC - For internal use only
THANK YOU 03/2015 Ark-La-Tex Financial Services, LLC - For internal use only


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