Lenders Invited to Webinar on GFE/TIL Changes

Lenders, settlement agents, and others who arernaffected by the new TILA-RESPA Integrated Disclosures Rule may wish to note the<bfirst in a series of recurring live webinars being conducted by the ConsumerrnFinancial Protection Bureau (CFPB).  The initial session, scheduled for June 17, will be part broadcast as part of the Federal Reserve System’srnaudio conference series to address the new rule as creditors, mortgagernbrokers, settlement agents, software developers, and other stakeholders work tornimplement it over the next year. </p

As mandated by the Dodd-Frank WallrnStreet Reform and Consumer Protection Act, CFPB has consolidated the Good FaithrnEstimate (GFE) and the initial Truth-in-Lending Act disclosure into a singlernnew form, the Loan Estimate Form.  It isrndesigned to provide information that will be helpful to consumers inrnunderstanding the key features, costs and risks of the mortgage loan for whichrnthey are applying.  </p

Second, the HUD Real EstaternSettlement Procedures Act form and the final TILA disclosure form have beenrncombined into the new Closing Disclosure designed to provide disclosures that willrninform consumers about all of the costs of the loan transaction. </p

CFPB has designed the forms usingrnclear language and with the intent to make it easier for consumers to locaternkey information, such as interest rate, monthly payments, and costs tornclose.  The forms also provide additionalrninformation to help consumers determine if they can afford the loan and tornfacilitate comparisons among different loan offers.  </p

CFPB says it anticipates arnsubstantial volume of compliance and interpretive questions as lenders preparernfor the rule and the forms’ implementation on August 15, 2015 and plans to usernthese webinars to consolidate and address those questions in a way thatrnpromotes consistent understanding of the rules and provides a resource thatrnstakeholders may reference. The CFPB believes this approach will be morernefficient and beneficial to stakeholders than relying on private, one-to-onernconversations with CFPB staff or waiting for updates to the rule or itsrncommentary. </p

The first session will provide anrnoverview of the final rule and the new disclosures and address a few basicrncompliance questions, while subsequent webinars will address specificrnimplementation and interpretive questions about the rule provided to thernBureau. The CFPB plans to host these webinars periodically throughoutrnimplementation, regularly soliciting feedback and additional questions in therninterim. </p

The first session will be conducted nextrnTuesday from 2:00 p.m. to 3:00 p.m. EDT. rnInterested parties can registers for the webinar at:   http://www.webcaster4.com/Webcast/Page/48/4689

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