Excerpted from Bank of America memo to Settlement Industry
CFPB Integrated Mortgage Disclosures – The Closing Disclosure & Closing Insight™
To: Settlement Agents
Bank of America continues to prepare for the Consumer Financial Protection Bureau’s (CFPB) Integrated Mortgage Disclosures rule under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z) that go into effect August 1, 2015. With less than a year before the implementation date, we have started to share information with the settlement agent community about the rule and will now begin to share how the rule will change the way you work with us.
Bank of America will use Closing Insight™, an industry tool developed by RealEC® Technologies, to support the implementation of the CFPB’s Integrated Mortgage Disclosures rule.
What is changing with how you work with Bank of America?
Bank of America will continue to work through all that is needed to meet both the requirements of the regulation and continue to deliver an exquisite experience for our mutual customers. We will share more information in the coming months as it becomes available. In the meantime, please submit any questions or feedback you may have regarding how Bank of America will expect you to handle transactions after August 1, 2015 to Integrated.Disclosures.Feedback@bankofamerica.com.
For more information about RealEC® Technologies or Closing Insight™, please visit their website at www.bkfs.com/realec. In addition, many Title & Escrow production systems are working with RealEC® Technologies to enhance current integrations in support of Closing Insight™. For more information about how or if they plan to support Closing Insight™, reach out to your provider directly.
Thank you for your partnership.
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