A webinar being hosted by the Federal Reserve System is the first in a series intended to help the mortgage industry comply with upcoming requirements for new integrated disclosures.
The Consumer Financial Protection Bureau finalized in November 2013 a rule that integrates disclosures required under the Truth in Lending Act and the Real Estate Settlement Procedures Act.
The rule, which was required by Sections 1098 and 1100A of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, becomes effective on Aug. 1, 2015.
On June 17, the Fed is hosting a webinar on the TILA-RESPA Integrated Disclosure rule at 2 p.m. EDT that will be presented by the CFPB.
An overview of the final rule and new disclosures will be provided. In addition, basic compliance questions will be addressed.
The webinar is the first in a series of such events to address the new rule as lenders, mortgage brokers, settlement agents, software developers and other stakeholders work to implement it over the next year
“The CFPB anticipates a substantial volume of compliance and interpretive questions during implementation and plans to use these webinars to consolidate and address these questions in a way that promotes consistent understanding of the rules and provides a resource that stakeholders may reference,” a Fed statement said. “The CFPB believes this approach will be more efficient and beneficial to stakeholders than relying on private, one-to-one conversations with CFPB staff or waiting for updates to the rule or its commentary.”
Registration for the event can be completed online at www.webcaster4.com/Webcast/Page/48/4689.
