The Consumer Financial Protection Bureau (CFPB) has released its final rule on the integrated mortgage disclosures under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA). Not much time has passed since industry members had to implement a new Good Faith Estimate and HUD-1 form under the 2010 RESPA reform. Similar to that reform, preparing for this new rule will require extensive staff training, retooling and systems upgrades to ensure compliance.
RESPA News and Dodd Frank Update have teamed up to provide industry professionals with two training webinars that will deliver in-depth instruction on the impactful provisions of the new regulations. Sponsored by WFG National Title Insurance Co., Part 1 of the Mortgage Disclosure Forms Training Series airs Thursday, Jan. 16 at 2 p.m. ET, followed by Part 2 on Thursday, Feb. 13 at 2 p.m. ET.
In Part 1, The Final Rule Examined, renowned RESPA experts and mortgage attorneys Phil Schulman and Holly Spencer Bunting, of K&L Gates, will provide 90 minutes of instruction on:
- A breakdown of the regulation and training on the various sections;
- Significant changes from the 2010 RESPA reform and the effects of this reform on the industry;
- The new Loan Estimate and Closing Disclosure forms;
- The top 10 takeaways of the final rule;
- The responsibilities of the loan originator, mortgage lender and closing agent; and
- A Q&A session for your specific questions.
In Part 2, Putting the Forms into Practice, Schulman and Bunting will dive deep into the forms and offer line-by-line instruction for various loan types. They will provide detailed training on real-life examples. The two will also be on hand to answer specific questions participants may have regarding line items on the forms.
“Everyone who has a stake in residential real estate transactions will need to have an in-depth understanding of both the Loan Estimate and Closing Disclosure forms and the accompanying regulations,” said Angela Rulffes, editor of RESPA News. “The rule is here, and preparing for it in 2014 is essential for a smooth transition in 2015.”
The two-part webinar series is designed for mortgage, title insurance, real estate and settlement services professionals. Participants will have an opportunity to ask questions during the live events and will receive the full PowerPoint presentations along with related articles from October Research LLC publications.
Thanks to sponsor WFG National Title Insurance Co., this webinar series is being offered at a discounted rate. Register here for the complete two-part training.