NAR offering resources about new RESPA/TILA rules
On May 6, 2015
By Lindsay Shuba, political representative, National Association of REALTORS
As you may have heard, on August 1, 2015 a new RESPA/Truth in Lending Act (TILA) integration rule, often referred to as “TRID” goes into effect that significantly changes the settlement process. The final rule integrates existing disclosures with new requirements from the Dodd-Frank Act to improve consumer understanding of the mortgage process, aid in comparison shopping, and help to prevent surprises at the closing table.
The major changes the rule implements include:
- New “Loan Estimate” (LE) form replaces Good Faith Estimate (GFE) and initial Truth-in Lending disclosure; must be given to consumer within three business days of application
- New “Closing Disclosure” (CD) form replaces and combines the HUD-1 and final Truth-in-Lending disclosures; must be received by consumer three days before consummation of loan
Since the rule was finalized at the end of 2013, NAR has been educating members about how it will impact their business through webinars, forums and articles. To ensure that members can find this information all in one place, NAR has created a RESPA/TILA Integration resources section.
Some of the resources members can find at the webpage include:
- Video of 2015 NAR President Chris Polychron highlighting the new rule and two special events taking place at the upcoming REALTORS Legislative Meetings & Trade Expo where members can get more information:
- Closings Are Changing: Countdown to August 1: Regulatory Issues Forum with Richard Cordray, director of the Consumer Financial Protection Bureau
- RESPA 2015 Big Changes Ahead with Phil Schulman, partner, K&L Gates
- Flyer: Overview of Changes to RESPA/TILA Disclosures. Click here to access the one-page document.
- Video: HUD-1 Going Away: Understand New Closing Forms, Procedures. Click here to view the video which walks you through the new settlement process.
- Webinar: RESPA/TILA Integration Update. Click here for the detail webinar featuring RESPA attorney Phil Schulman.
Tags: legal, politics