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Integrated Disclosures The Loan Estimate

The Consumer Financial Protection Bureau (CFPB) published final rules to implement the new integrated disclosures on November 20, 2013. The rule completes the Dodd-Frank mandate to combine the pre-consummation disclosures required by the Truth-in-Lending (TILA) and Real Estate Settlement Procedure Acts (RESPA). The 1,888 page final rule is effective on August 1, 2015.

On December 10, 2013 we presented an Overview of the New Integrated Disclosures. This program details the requirements for the new Loan Estimate. On June 23, 2014 we present the final piece of the puzzle - the Closing Disclosure.

Upon completion of this two-hour program, participants understand:

  • The coverage and exemption rules for the new requirements
  • The new timing rules and guidance related to providing early TIL disclosures
  • Waiver of the waiting period before consummation
  • The fee restriction
  • Good faith determination for estimates for closing costs and permitted tolerances
  • Revised estimates and changed circumstances
  • The content of the new Loan Estimate
  • The effective date for the new rules.

Creditors have until August 1, 2015 to implement the new rules. This program provides a first look at the extensive new requirements related to the Loan Estimate.

Participants receive a detailed manual that serves as a handbook long after the program is completed.

The program is designed for managers, loan originators, loan officers, lending assistants, compliance officers, auditors and others with responsibilities for originating mortgage loans.

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