Deep Dive Overview: TILA/RESPA Integrated Disclosures

Why Should You Attend:

August 1, 2015 is the deadline to begin using the new integrated disclosures under TRID (TILA-RESPA Integrated Disclosures). After this date, an institution will be out of compliance if the GFE and TIL are used for loans outside of HELOCs, reverse mortgages, and those dwellings not attached to real property. It is imperative your institution understands the new forms, new timing requirements, new tolerance thresholds and much more. The timing alone is a significant change which could cause a majority of loans to have delayed closings if not handled correctly.

This webinar will set the stage for preparation and understanding. Attendees will understand the tolerance buckets, get an overview of the new forms and some tips on each section, understand definition and timing changes, and review what is the same before and after August 1, 2015.

Areas Covered in the Webinar:

• Description of and walk through of each new form (loan estimate and closing disclosure)
• Defining the terms application, business day (at initial and closing) and variance thresholds
• Timing on providing the loan estimate and closing disclosure
• Restrictions on providing the loan estimate
• Changed circumstances of the loan estimate: allowances and processes
• Other considerations of the loan estimate
• Revisions of the closing disclosure: allowances and processes
• Exemptions and applicability of the law

Who Will Benefit:

• Compliance Officers
• Operations Personnel (Disclosure Desk, Processors, Closers, Funders)
• Mortgage Loan Officers
• Branch Managers
• Auditors

Instructor Profile:

Kara Lamphere is a financial services professional with over 17 years of banking experience including more than 13 years of compliance and auditing experience. She is highly skilled in compliance, quality control and audit management with extensive experience in team building, training and employee development.

Ms. Lamphere has a Bachelor’s Degree in Accounting and holds a Certified Internal Auditor license. Her experience has been predominately in financial services with a short stint in public accounting. She began her career as a teller and new accounts representative in college. Internal audit and compliance have been the focus of her career by serving as chief compliance officer of a bank, chief compliance officer of a mortgage lender, and vice-president (compliance) for a mortgage subsidiary which generated $1 billion monthly in mortgage loans. She has also served as a consultant and auditor for banks ranging from $100MM in assets to over $1B in assets. Currently, she holds the position of a senior vice-president (compliance) for a mortgage lender generating $950MM on average in loans per month through retail, wholesale and correspondent lending channels.

Topic Background:

For more than 30 years, institutions offering mortgages have issued, among other disclosures, an Initial Truth-in-Lending Disclosure, a Good Faith Estimate, a Final Truth-in-Lending Disclosure and a HUD-1 Settlement Statement. Granted, the Good Faith Estimate has not been with us 30 years but the Truth-in-Lending Disclosure has been. The Consumer Financial Protection Bureau (CFPB), as a mandate of the Dodd-Frank Act, has combined these forms into two forms: one initial and one closing. The intent is to streamline the disclosures and make it easier for the consumer to understand. This ruling to integrate disclosures, however, did more than simply integrate two disclosures. It changed definitions, timing, tolerance thresholds and more.

Tolerance thresholds are another huge change within the new rule (August 1, 2015, is the deadline to begin using the new integrated disclosures under TRID). The zero tolerance buckets for fees now includes two new types of fees related to affiliates and services the borrower cannot shop for. Not understanding these two changes could create large monthly cures as the loans begin to close under the new rules. While this seems gloom-and-doom, it is meant to pass along the gravity of the law. It can be accomplished and it can be done smoothly. Preparation and understanding are the keys to success.

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