What should you know about the Consumer Financial Protection Bureau’s 1,888-page integrated mortgage disclosure form final rule? In general, you need to know what portions of the regulation apply to you and how you can become, and remain, compliant. The experts speaking at October Research, LLC’s 2014 National Settlement Services Summit in June can get you on track and help you prepare for the changes ahead.
The RESPA/Truth in Lending Act (TILA) rule is massive, technical and extensive. Narrowing in on all of the changes you need to make for your company may not be easy. If you don’t chart a detailed course for implementation now, the transition to the new disclosures could significantly disrupt your operations.
This is where the experts can help.
October Research, LLC’s session about the new forms — The New Mortgage Disclosure Forms: Chart Your Course for Implementation — focuses specifically on actions you can take to ensure the transition to the bureau’s new disclosure requirements is smooth and orderly.
Three experts will be co-presenting the session: Chuck Cain, senior vice president, agency manager — Midwest Region, WFG National Title Insurance Co.; Richard Horn, partner, Dentons US LLP; and Mary Schuster, vice president of Legislative Affairs for RamQuest Inc.
“Our goal is to have the attendees walk out of the session with an up-to-date implementation list of what questions they need to ask of themselves and what they would anticipate needing to do as to implementing the Closing Disclosure,” Cain said.
This industry is certainly no stranger to change. Four short years ago, the Department of Housing and Urban Development’s (HUD) Good Faith Estimate and revised HUD-1 Settlement Statement went into effect. Experience during that transition illustrated that converting to new forms can be difficult. There are glitches, quirks and bumps in the road.
That’s why preparation is the key to a successful transition. The effective date for the disclosures is Aug. 1, 2015, and that time is quickly approaching. Knowing the technical aspects of the rule, and how to approach them, will help you to prepare for what’s to come.
For example, the series numbers on the current HUD-1 will soon be a thing of the past. The way fees are recorded and explained to the consumer will be different and new.
Even the timing to provide the forms has changed. Under the current Regulation X, the HUD-1 must be made available to the consumer one business day before closing. The bureau’s final RESPA/TILA rule requires that the Closing Disclosure is provided to the consumer three days prior to closing, which will bring unique challenges.
“As we saw with the 2010 HUD-1 changes, lenders, especially smaller lenders, are going to be asking the title agents what this is all about,” Cain said. “Realtors will be asking the title agents what this is about. So, the title agents need to know because they may be the disseminators of information out to their customers about the changes that are going into place.”
There are a variety of important questions that need to be considered and addressed before the disclosures go into effect.
What specific requirements do you need to focus on? How do you prepare your company to implement the disclosures? What can you do to make the transition run smoothly? How can you ensure compliance in the future?
The speakers for October Research, LLC’s form implementation session understand the regulation, have experience with the disclosures and know what steps should be taken to make this process easier.
Cain is an attorney who has been in the title industry for more than 30 years. He is a licensed title insurance agent and has owned his own agency for 18 years. He is the former chair of the Real Property section of the Cincinnati Bar Association and also the former director of the Cincinnati Mortgage Bankers Association.
Horn is currently a partner at Dentons US LLP. Before that, he served as senior counsel and special advisor in the CFPB’s Office of Regulations. At the CFPB, Horn led the final rulemaking for the integrated disclosures and helped design the new forms.
Schuster has worked in the real estate and title industries for 20 years and has extensive experience in residential settlement services. She is an expert on the RESPA disclosures, having worked to educate the industry on changes to the forms when HUD released its 2010 final rule. Schuster currently serves on the American Land Title Association’s RESPA Implementation Task Force.
These experts will provide you with a detailed roadmap to successful implementation and offer information that will help prepare you for the transition challenges ahead.
Click here to get more information about the 2014 National Settlement Services Summit in New Orleans June 9-11, including the agenda and a list of speakers. You can register for the Summit online or click here to get information about how to register via mail, fax or phone.