Understanding the Loan Estimate and Navigating the Closing Disclosure: TILA/RESPA Integrated Disclosures

Why Should You Attend:

October 3, 2015 is now the deadline to begin using the new integrated disclosures under TRID (TILA-RESPA Integrated Disclosures). The much sought after delay of implementation was confirmed. After this date, an institution will be out of compliance if the GFE and TIL are used for loans outside of HELOCs, Reverse Mortgages, and those dwellings not attached to real property. It is imperative your institution understands the new forms; this webinar will address the Loan Estimate and provide a thorough understanding of the form.

Due to the changes within the tolerance thresholds, it is critical to understand the Loan Estimate and Closing Disclosure. There are restrictions around what you can and cannot charge or discuss prior to the borrower receiving the Loan Estimate. The key word is receipt. Further, the Closing Disclosure is held to the same receipt obligations. TRID takes the push from delivery to timelines starting rather when the borrower actually receives the disclosures. This alone will create a necessary process change.

This webinar will set the stage for preparation and understanding of the Loan Estimate and Closing Disclosure. You will understand the form sections, what to include and exclude, what must stay on the form and what can go, the new disclosure terms and much more.

Areas Covered in the Webinar:

• Combining the GFE and Initial TIL
• Section by Section Walk-Thru of the Loan Estimate
• Defining the terms application, business day and variance thresholds
• Timing on providing the loan estimate
• Restrictions on providing the loan estimate
• Exemptions and Applicability of the Law
• Combining HUD-1 and Final TIL
• “Deep Dive” in to the Closing Disclosure
• Timing on providing the closing disclosure
• Restrictions on providing the closing disclosure
• Defining the terms closing date, disbursement date, settlement agent, file #, property, sale price, and MIC #
• Defining sections A-J including examples
• Extensive overview of pages 1-5 of CD
• Other Considerations of the Loan Estimate and Closing Disclosure
• Specific items to watch for in comparison to previous forms

Who Will Benefit:

• Compliance Officers
• Operations Personnel (Disclosure Desk, Processors, Closers, Funders)
• Mortgage Loan Officers
• Branch Managers

Kara Lamphere
Chief Compliance Officer and Director, Mid America Mortgage

Kara Lamphere is a financial services professional with 20+ years of experience. She is highly skilled in management with extensive experience in team building, training and employee development with proven success in managing: internal audit, compliance, quality control, fraud, counterparty risk and relations, correspondent operations, and accounting.

Ms. Lamphere has a Bachelor’s Degree in Accounting and holds a Certified Internal Auditor license. Her experience has been predominately in financial services with a short stint in public accounting. She began her career as a teller and new accounts representative in college. Internal audit and compliance have been the focus of her career by serving as chief compliance officer of a bank, chief compliance officer of a mortgage lender, and VP-compliance for a mortgage subsidiary which generated $1 billion monthly in mortgage loans. She has also served as a consultant and auditor for banks ranging from $100MM in assets to over $1B in assets. Currently, she is Chief Compliance Officer and Director, Correspondent Lending for Mid America Mortgage

Topic Background:

For more than 30 years, institutions offering mortgages have issued, among other disclosures, an Initial Truth-in-Lending Disclosure, a Good Faith Estimate, a Final Truth-in-Lending Disclosure and a HUD-1 Settlement Statement. Granted, the Good Faith Estimate has not been with us 30 years but the Truth-in-Lending Disclosures have been. The Consumer Financial Protection Bureau (CFPB) as a mandate of the Dodd-Frank Act has combined these forms into two forms: one initial and one closing. The intent is to streamline the disclosures and make it easier for the consumer to understand. This ruling to integrate disclosures, however, did more than simply integrate two disclosures. It changed definitions, timing, tolerance thresholds and more.

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