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Lenders Invited to Webinar on GFE/TIL Changes
Posted to: MND NewsWire
Thursday, June 12, 2014 10:37 AM

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Lenders, settlement agents, and others who are affected by the new TILA-RESPA Integrated Disclosures Rule may wish to note the first in a series of recurring live webinars being conducted by the Consumer Financial Protection Bureau (CFPB).  The initial session, scheduled for June 17, will be part broadcast as part of the Federal Reserve System's audio conference series to address the new rule as creditors, mortgage brokers, settlement agents, software developers, and other stakeholders work to implement it over the next year.

As mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, CFPB has consolidated the Good Faith Estimate (GFE) and the initial Truth-in-Lending Act disclosure into a single new form, the Loan Estimate Form.  It is designed to provide information that will be helpful to consumers in understanding the key features, costs and risks of the mortgage loan for which they are applying. 

Second, the HUD Real Estate Settlement Procedures Act form and the final TILA disclosure form have been combined into the new Closing Disclosure designed to provide disclosures that will inform consumers about all of the costs of the loan transaction.

CFPB has designed the forms using clear language and with the intent to make it easier for consumers to locate key information, such as interest rate, monthly payments, and costs to close.  The forms also provide additional information to help consumers determine if they can afford the loan and to facilitate comparisons among different loan offers. 

CFPB says it anticipates a substantial volume of compliance and interpretive questions as lenders prepare for the rule and the forms' implementation on August 15, 2015 and plans to use these webinars to consolidate and address those questions in a way that promotes consistent understanding of the rules and provides a resource that stakeholders may reference. The CFPB believes this approach will be more efficient and beneficial to stakeholders than relying on private, one-to-one conversations with CFPB staff or waiting for updates to the rule or its commentary.

The first session will provide an overview of the final rule and the new disclosures and address a few basic compliance questions, while subsequent webinars will address specific implementation and interpretive questions about the rule provided to the Bureau. The CFPB plans to host these webinars periodically throughout implementation, regularly soliciting feedback and additional questions in the interim.

The first session will be conducted next Tuesday from 2:00 p.m. to 3:00 p.m. EDT.  Interested parties can registers for the webinar at:   http://www.webcaster4.com/Webcast/Page/48/4689




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