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By Ellie Mae
RESPA-TILA, TILA-RESPA or TRID. No matter what credit unions call the new Integrated Mortgage Disclosure rule, call it huge. It makes ATR/QM look like child’s play.
Here are four tips credit unions should consider to make sure they’re ready for when the Real Estate Settlement Procedures Act (RESPA) and Truth-in-Lending Act (TILA) Integrated Mortgage Disclosures Final Rule (RESPA-TILA) goes live this year on Aug. 1.
RESPA-TILA consolidates four existing disclosures for closed-end credit transactions secured by real property. The forms being replaced by RESPA-TILA are:
In their place, RESPA-TILA mandates the use of two disclosures: a three-page loan estimate and a five-page closing disclosure.
RESPA-TILA also mandates changes to current processes and delivery deadlines:
With the right technology, credit unions can comply with RESPA-TILA without sacrificing compliance, loan quality, or efficiency. Ask yourself:
Even if your organization hasn’t started preparing for RESPA-TILA, there’s still time. Identify affected products, departments, and staff as well as the business process, operational, and technology changes that will be necessary for compliance.
Ellie Mae (NYSE:ELLI) is a leading provider of innovative on-demand software solutions and services for the residential mortgage industry. Visit EllieMae.com or call 877.355.4362 to learn more.
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
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March 2, 2015
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