Description
Compliance Resource training manuals are designed to be used when conducting in-house training, whether initial training upon implementation of the new requirement, periodic training for new team members or remedial training for longer-term team members.
The Consumer Financial Protection Bureau (CFPB) published a final rule to implement the new integrated disclosures on November 20, 2013. The rule completed the Dodd-Frank mandate to combine the disclosures required by the Truth-in-Lending (TILA) and Real Estate Settlement Procedure Acts (RESPA). The final rule became effective on October 3, 2015.
While the new Loan Estimate and Closing Disclosure have been in effect for over a year there are still many unanswered questions and concerns regarding form completion, timing requirements, and how the recently released proposed changes will impact the disclosures.
This training manual includes the essential information from:
• The general rules contained in §1026.19;
• The content rules and the detailed instructions for completing the loan estimate from §1026.37;
and
• The content rules and the detailed instructions for completing the closing disclosure from
§1026.38; and
• Proposed amendments to the TRID rules released by the CFPB in July 2016.
