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Lenders Invited to Webinar on GFE/TIL Changes
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
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
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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