Since October 3, 2015, mortgage lenders have been under the CFPB’s TILA/RESPA Integrated Disclosure (TRID) requirements for applications. This operational experience has resulted in a certain comfort level with the TRID disclosures. However, to be in compliance, audit and quality control processes must be in place. The Closing Disclosure is complex and has transaction-specific requirements. While many lenders work with settlement agents to prepare and finalize the Closing Disclosure, TRID places the obligation on the lender to ensure accurate and complete disclosures.
The five-page Closing Disclosure contains numerous calculations, disclosures, and other information for borrowers – and a lender’s obligations can vary depending on the type of transaction or loan product. This webinar will examine the Closing Disclosure line-by-line and pay particular attention to the differences in purchase, refinance, and home equity transactions. Additionally, the requirements for both fixed-rate and adjustable-rate mortgages will be addressed. Sample and annotated model forms will be used to demonstrate disclosure requirements in specific situations. This training will revisit the disclosure requirements of the Closing Disclosure and provide a refresher on formatting, rounding, terminology, and other content requirements. (Note: A line-by-line review of the Loan Estimate was provided during the webinar mentioned below.)
Attendance verification for CE credits provided upon request.
Who Should Attend?
This informative session is designed for mortgage lenders, compliance staff, and audit teams. Having representatives from each department will ensure everyone is on the same page regarding the Closing Disclosure requirements.
If you are having issues with registering online, please contact CBAO's Education & Training Coordinator, Lianne Simeone, (614) 610-1877.