As many of you know, the effective date of the TILA-RESPA Final Rule and the related TILA-RESPA Amendments has been delayed to October 3, 2015. Please take note of the following updates from the CFPB:
Freddie Mac and Fannie Mae Data Standards
Freddie Mac and Fannie Mae have released a common industry dataset, called the Uniform Closing Dataset, which leverages and maps to Mortgage Industry Standards Maintenance Organization (MISMO) data standards in order to support the implementation of TRID. MISMO is also developing a corresponding mapping dataset for the Loan Estimate that will also be available in the near future. Click here to access the UCD MISMO mapping document and Uniform Closing Dataset Q&As.
TRID Rule Questions Index
The CFPB staff also released a document listing each question answered in the webinars provided by the CFPB staff, the date of the webinar in which the question was covered and the time stamp when the question was answered in the course of the webinar. Click here to access the TRID Rule Questions index.
Access to the five webinars provided by the CFPB staff requires registration with the CFPB.
Your Home Loan Toolkit
The CFPB has released new guidance intended to assist consumers understand the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing on October 3rd, 2015. The Home Loan Toolkit is intended to replace the current Settlement Cost booklet from the Department of Housing and Urban Development that lenders now distribute. Click here to access the Home Loan Toolkit.
TILA-RESPA Compliance Guide
The CFPB has also updated its small entity compliance guide and new mortgage disclosure form guide. The CFPB also issued a new sample disclosure timeline illustrating what actions would be expected of a creditor at different stages of the origination process. You can access these guides and the timeline here, here, and here.
Guide for Real Estate Professionals
The CFPB has also provided materials designed specifically for real estate professionals to understand TRID. You can access the materials here.