MBA Releases New TILA RESPA Integrated Disclosure Resource Guide
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WASHINGTON, D.C. (March 12, 2015) - The Mortgage Bankers Association (MBA) released this week a new TILA RESPA Integrated Disclosure (TRID) Resource Guide designed to assist lenders in complying with the TRID rule by August 1, 2015. TRID was issued by the Consumer Financial Protection Bureau (CFPB) and combined the mortgage disclosure regimes established by the Truth In Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) into one single rule.
"TRID is 1,888 pages in length and affects every business functioning in the single-family mortgage market," said Jeffrey Schummer, MBA's Vice President of Education Development. "Compliance with this new rule requires major systems and operational changes. As such, MBA's TRID Resource Guide will help companies to ensure compliance by the August 1st deadline."
Specifically, the TRID Resource Guide covers the new Loan Estimate and Closing Disclosure in detail, outlines top issues with the rule, and provides a set of model policies and procedures along with checklists for implementation and working with technology providers. The TRID Resource Guide is written by two of the industry's top compliance experts: Richard Andreano, Jr., a partner at Ballard Spahr LLP and Richard B. Horn, a partner at Dentons.
In addition to the new resource guide, MBA will also host two upcoming forums, Thursday, March 26, 2015 in Chicago, IL and Thursday, April 16, 2015 in Washington, D.C. For more information on these forums, including how to attend, please click here or contact firstname.lastname@example.org.
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, REITs, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's website: www.mba.org.