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CRAG Hosts Executive Insights Roundtable for Residential Mortgage Lenders


1/19/15

More than 50 high-level representatives from banks, credit unions, and residential mortgage companies attended CohnReznick Advisory Group’s latest series of Executive Insights-branded roundtables in Boston, Bethesda, and Roseland during the week of January 13, 2015. The Boston and New Jersey sessions were live, while the Bethesda session was presented as a webcast due to inclement weather.

Titled, “Executive Insights: TILA-RESPA Integrated Disclosure Rule: Best Practices for Assessing Compliance Readiness," the roundtables were hosted by Roberta Janel, CMB, Director, CohnReznick Advisory Group, and Peter Schablik, Partner, CohnReznick Advisory Group. Guest speakers included Kenneth Markison, Regulatory Counsel of the National Mortgage Bankers Association (speaking in Boston); Richard Andreano, Mortgage Banking Group practice leader, Ballard Spahr, LLP (speaking in Bethesda); and Grace Currid, Chief Credit Officer and National Operations Manager for Home Bridge Financial Services.

Click here to view the webinar.

       

About the TILA-RESPA Integrated Disclosure Rule

On August 1, 2015, the Consumer Financial Protection Bureau’s (CFPB) new rule, TILA-RESPA Integrated Disclosure Rule (TILA-RESPA), will go into effect for new mortgage loan applications taken on or after that date. The new rule will require creditors to provide consumers with a new set of disclosure documents upon the receipt, and prior to the closure of, an application for a residential mortgage loan. Specifically, the rule seeks to consolidate and simplify four existing disclosure documents associated with the Truth in Lending Act (TILA), the Real Estate Settlement Procedures Act (RESPA), and the HUD-1 Settlement Statement. With the implementation of this new rule, the CFPB intends to improve consumer understanding of the loan process – making it easier for consumers to compare the costs and features of different loan offers and prevent complications at closing.

“This new requirement represents a sea change for residential mortgage lenders,” said Janel. “It will require them to completely overhaul policies and procedures and evaluate the capacity of their loan origination software (LOS) to stand up to the challenge.”

A guide to the new regulatory requirement, authored by Janel, is available here.

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