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Closing Call

Pavaso blog header revision 2
Breaking down the TILA-RESPA Integrated Disclosure, how it impacts your business, and ways to solve it. Written by the experts at Pavaso each business day.
Lending / The Ticker

7 Signs you're ignoring TILA-RESPA

The truth hurts — let's at least laugh about it

August 27, 2014
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This article is part of HW PartnerDirect™. What is this?

Before we get the cheesy laugh-track out (you can thank HousingWire for denying my request on that), I’d like to share a little stat that was recently thrown around the office.  A stat, by the way, that actually inspired this post.

It comes from Chris Ayoub (our fearless COO) who shared it after he recently attended a customer event at a very large firm. The question was asked to 30+ senior representatives from 19 large lending organizations, “How many of you have read the TILA-RESPA rule?” Only five people in the audience raised their hands for having read the abbreviated rule — only two raised their hands for having read the full rule.

As a blog-contributor on this very topic, I’ll totally admit that the TILA-RESPA rule lacks a certain appeal readers typically look for when deciding to read something. So in that spirit, let’s take a humorous break from the TILA-RESPA monotony today with the 7 signs you’re ignoring TILA-RESPA:

1)     August 1, 2015 still seems like a distant future date from a science fiction movie.

2)     The term “gap analysis” is now widely used around the office in place of “coffee break."

3)     You instantly change the subject when asked if you’ve read the rule.

4)     You’re totally annoyed by having to delete those MBA Regulatory Compliance emails.

5)     You’ve gone a step further and asked your IT guy how to automatically delete the MBA Regulatory Compliance course emails.

6)     Your compliance team is responsible for the biggest surge of vacation requests in your company’s history.

7)     You use CFPB as the new LOL in texts, chats and posts.

I’m going to go out on limb and say that this will be the most popular post, probably only second to the post back on June 17th. Or maybe it will just be avoided like the TILA-RESPA plague...LOL CFPB.

On a serious note, be sure to register for a free account at the  TILA-RESPA Knowledge Center where you can browse a knowledge base of articles and documents, or join conversations in the forums. 

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.

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