The upcoming implementation of integrated disclosures required by the Truth in Lending Act and the Real Estate Settlement Procedures Act has prompted proposed safe harbor legislation. TRID compliance resources include webinars and enhanced technology.
Mortgage originators, title companies and other service providers will be subject to the new integrated disclosures as of Oct. 3.
The disclosures are required by the
TILA-RESPA Integrated Disclosures rule from the Consumer Financial Protection Bureau.
On Tuesday, the CFPB announced the launch of a web-based suite
to help real estate professionals understand TRID.
Earlier this month, the bureau highlighted five webinars that it held on TRID which are available online at www.consumerfinance.gov/regulatory-implementation/tila-respa/.
A webinar on Sept. 10 from
the Real Estate Services Providers Council Inc., or RESPRO, will feature the organization’s president and executive director, Ken Trepeta, to explain TRID.
A July 21 statement from the
National Association of Federal Credit Unions indicated disappointment that the CFPB didn’t allow for a period of early compliance. The NAFCU said its credit union members need time to conclusively test their systems.
A letter from
several trade groups including the American Bankers Association, the Mortgage Bankers Association and NAMB to the chairman and ranking member of the House Financial Services Committee indicated support of H.R. 3192, the Homebuyers Assistance Act. The legislation would provide a hold-harmless period for implementation of TRID as long as good-faith efforts were made.
NAMB issued a separate statement last month in support of S. 1711, which — it says — would
provide for a temporary safe harbor, or hold-harmless period, from the enforcement of TRID requirements. S. 1711 is the senate companion bill to H.R. 2213 in the House.
Last week, Calyx Software said its newly released PointCentral Version 9.2 enables lenders to immediately provide TRID-compliant Loan Estimates and Closing Disclosures.
The official release of SmartCLOSE on Aug. 15
gives users “the most feature rich and easy-to-use TRID solution,” a news release from DocMagic Inc. said. The document preparation system was tested by more than 250 lenders in June.
Also prepared for the TRID implementation is Expedite, according to a July 14 statement from eLynx. The cloud-based platform for managing and delivering loans documents promises compliance with TRID.
