There are specific record retention requirements of the closing disclosure for the TILA-RESPA rule. Do your lending partners comply?
The creditor must retain copies of the closing disclosure and all related documents for 5 years after consummation.
If the creditor sells, transfers or no longer has interest in the loan the creditor must provide a copy of the closing disclosure to the new servicer.
There is no specific requirement on how the copies must be retained leaving the opportunity to streamline our lives through technology.
You can take a closer look below or to view the CFPB’s Compliance guide here.
The Florida Agency Network is an industry leader in compliance. All agencies in the Florida Agency Network are prepped and ready to take on this industry game changer. It is important for your title partner to be compliant with the TRID rule once it goes into effect.
To find out more about partnering with a title agency in the network contact:
As it stands now, the CFPB has proposed the TILA-RESPA Integrated Disclosure (TRID) implementation date be postponed until October 3. The rule is open for public comment until July 7, 2015 leaving the industry grasping for some much needed clarity until a final rule gets locked down.
According to the Congressional Review Act (CRA), before any major new rule goes into effect Congress and the Government Accountability Office (GAO) must receive a rule report. It must contain a copy of the rule and be received at least 60 days prior to the rule taking effect. The CFPB’s failure to turn in this two-page report to Congress on time is the reason for this much appreciated delay.
Stay tuned as we keep you up to date and don’t forget, the best way to prepare yourself is to join the conversation. In an ever changing industry it is important to partner up with a title agency that has aligned and complied with the new regulations. Agencies powered by the Florida Agency Network (FAN) are prepped and ready to lead the way during this immense industry change.
Find out more about partnering with an agency in the network:
The TILA-RESPA rule goes into effect October 3 of this year. What transactions does it apply to? It applies to almost every closed-end consumer credit transaction secured by real property. Check out what the CFPB had to say below:
In an industry that is constantly modifying it is important to partner with those who stay abreast of the changes. Title agencies that are in the Florida Agency Network (FAN) have been a part of the conversation and are ready to lead the industry through these changes. To find out more about partnering with an agency in the network contact: Max@FLagency.net
Curious about compliance with the TILA-RESPA rule?
Check out the CFPB’s site.
The TILA-RESPA rule (TRID)– is meant to make the disclosure documents used during a transaction more consumer friendly and to move the industry towards a paperless transaction. The rule combines the current four disclosures. Check out the CFPB’s break down below:
Don’t recognize the new Jargon? Here is a handy chart to help with the transition:
To find more specifics visit:
The industry’s much anticipated delay to implement the TILA-RESPA Integrated Disclosure (TRID) was announced last week. The new regulation had the initial launch date set to be August 1, 2015 but has now been pushed back later this year to October 1.
The Consumer Financial Protection Bureau’s Director, Richard Cordray stated, “We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks.” Whatever the reason the industry as a whole seems to have let out a huge sigh of relief.
These new documents are meant to be more consumer friendly by consolidating the TILA-RESPA forms and making them easier to understand. The new regulations give the consumer more time to review the total costs of their mortgage and to ask any questions they may have in regards to their loan terms. The Loan Estimate is due to consumers three days after they apply for a loan, and the Closing Disclosure is due three days before closing. These two requirements along with software compliance and security issues have thrown the industry into a frenzy as they try to comply by the deadline.
The best thing you can do to prepare yourself is to join the conversation. In an ever changing industry it is important to partner up with a title agency that has aligned and complied with the new regulations. Agencies powered by the Florida Agency Network (FAN) are prepped and ready to lead the way during this immense industry change. Tuesday, June 23, 2015 will mark the 100 day countdown until the CFPB’s implementation of the TRID.
It’s going down — 10.01.15 — Stick around for our countdown!
Please Note: Since posting the CFPB has submitted an amendment to their proposal further delaying the effective date to October 3.
Due to lack of preparedness in the industry, CFPB has delayed implementation of the TILA-RESPA Integrated Disclosure (TRID).
It’s important to partner up with a title agency that is ready for the up coming industry changes. Title agencies powered by the Florida Agency Network are compliant, trained and ready to take on these industry changes.
It’s going down on Oct. 1, stick around for our countdown!
Find out more about partnering up with a title agency powered by the the network : Max Jackson at max@FLagency.net
Please Note: Since posting, the CFPB has submitted an amendment to their proposal further delaying the effective date to October 3.