Join the conversation on TILA-RESPA rule
Our weekly summary
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Today I’d like to touch on a quick preview of the next two weeks of this blog. For some of you who are still going through the TILA-RESPA Integrated Disclosure rule of the CFPB as we break it down each day on this blog, we’ll continue to do so for the loan estimate this week.
The following week, however, we’ll jump ahead to the end of the rule for a quick touch on its section regarding implementation. After all, in just a few short weeks, we’ll be one year away from the go-live of the rule on Aug. 1, 2015. Are you any closer to a strategy that will help you comply a year from now?
Now, let’s recap what we talked about last week and get this one going:
- What would a “blind-shopping” experience be like with the Loan Estimate, and is that feasible? Someone kicked off the comments on that post to get it started – tell us what you think!
- We talked about the Loan Estimate audit trail, educating the consumer, transparency in your processes, and that you’ll need to leverage technology to help you achieve that.
- Other topics included reputation, finance and compliance risks potentially associated with mortgage brokers delivering the LE on behalf of creditors. We had a great comment on this post regarding record retention.
- We also wrapped up the week asking what customers will think of the LE form, and touched on educating the consumer a bit more.
Don't forget to check back each day this week, and visit the TILA-RESPA Knowledge Center for more information on technology solutions that can help your business be compliant by Aug. 1, 2015.
All information and views expressed or implied are provided without warranty and are only the opinion of Pavaso, Inc. Each participant should seek legal representation for legal interpretation of the ruling and the CFPB directly for final instruction and interpretation. The final rule can be found here.