Final Preparation for CFPB’s TRID Amendments, Effective October 1, 2018

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The CFPB amended the TILA/RESPA Integrated Disclosure (TRID) requirements and adopted a mandatory compliance date of Oct. 1, 2018. The TRID amendments contain important clarifications and technical changes that all mortgage lenders must understand and implement before the deadline. The amendments include changes or clarifications to: the standard for updating information on revised Loan Estimates; tolerances for the total of payments; sharing disclosures with other parties; affiliate charges; calculating cash to close; the “in 5 years” calculation; lender and seller credits; rate locks; escrow account disclosures; written list of service providers; expiration dates for the closing costs disclosed on the Loan Estimate; simultaneous second lien loans; partial payment policy disclosures; good-faith determination of property taxes and property value; and more. Given the scope, all mortgage lenders should review and analyze the amendments and update their procedures.

The CFPB provided mortgage lenders the flexibility to implement changes all at once, or phase them in before October 1, 2018. This flexibility allows mortgage lenders to update procedures and disclosure practices on their own timeline and better manage the implementation process. This webinar will analyze the TRID amendments (which total 560 pages) and provide a summary of the key changes and action items.

This webinar will also address the CFPB’s recent amendment, effective June 1, 2018, allowing lenders to use the Closing Disclosure to reset tolerance levels due to a changed circumstance or other triggering event.

HIGHLIGHTS

  • Analysis of key changes and clarifications of the Oct. 1, 2018, TRID amendments
  • Specific changes and the impact on disclosure obligations
  • New expectation for updating information on revised Loan Estimates
  • Action items to assist your implementation plan
  • Brief overview of the separate TRID amendment allowing the use of a Closing Disclosure to reset tolerance levels after June 1, 2018

TAKE-AWAY TOOLKIT

  • Summary of the Oct. 1, 2018, amendments
  • Summary of the June 1, 2018, amendment impacting tolerance levels
  • Employee training log
  • Quiz you can administer to measure staff learning and a separate answer key

WHO SHOULD ATTEND?

This informative session is designed for mortgage lenders, compliance staff, and audit teams.  Having representatives from each department will ensure everyone is on the same page regarding the new amendments and the actions necessary to comply by the deadline.

Please note: The live webinar option allows you to have one telephone connection for the audio portion and one Internet connection (from a single computer terminal) to view online visuals as the presentation is delivered. You may have as many people as you like listen from your office speaker phone.

ABOUT THE PRESENTER – Steven Van Beek, Esq., NCCO, Howard & Howard Attorneys PLLC

Steve Van Beek is an attorney at Howard & Howard Attorneys PLLC where he concentrates his practice in the area of financial regulations. He assists financial institutions throughout the country manage and reduce compliance, legal, and reputation risks. Prior to joining Howard & Howard, he served as the Vice President of Regulatory Compliance at the National Association of Federal Credit Unions (NAFCU). He received his Bachelor’s from Hope College and his J.D. from George Mason University School of Law and is a member of the American Bar Association.

Originally recorded on August 16, 2018.

Recorded webinar is available until February 28, 2019.

Free Digital Copy included with purchase to download and view beyond link expiration date.

Price includes sales tax.