Browsing: TILA-RESPA integrated disclosures

Compliance

In congressional testimony yesterday, Consumer Financial Protection Bureau Director Richard Cordray said that the bureau would provide further question-and-answer guidance to the financial and housing industries on complying with the TILA-RESPA integrated disclosures, which — since TRID took effect in October 2015 — have been delaying mortgage closings, according to a recent ABA survey.

Mortgage

As part of its Residential Mortgage Lender Certificate, ABA today launched two new online courses on preparing the required TILA-RESPA integrated disclosures. The new courses — Preparing the Loan Estimate and Preparing the Closing Disclosure — are part of the 18-course sequence toward the certificate.

Economy

Applications for new mortgages plummeted 27.6 percent in the week of October 3-9, immediately after the new TILA-RESPA integrated disclosures took effect, according to weekly figures released by the Mortgage Bankers Association today.

Compliance

By a bipartisan 303-121 vote, the House last night passed H.R. 3192, which would provide a safe harbor from enforcement actions and private civil actions for lenders making good-faith efforts to implement the new TILA-RESPA integrated disclosures. The safe harbor would extend to Feb. 1.

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