MADISON, Wis. – Aiming to provide assistance in dealing with CFPB’s TILA/RESPA Integrated Disclosure Rule, CUNA Mutual has scheduled a free webinar for Tuesday, Jan. 20.
“The TILA/RESPA Integrated Disclosure rule will completely overhaul the way credit unions go about mortgage lending and will likely impact the types of mortgage lending credit unions engage in,” said Maureen Clark, assistant regulatory compliance manager for CUNA Mutual Group. “Generally speaking, the rule redefines disclosures for first mortgages and closed-end home equity loans, but credit unions shouldn’t underestimate the changes that are required to comply with this rule.”
Clark will host the “TILA/RESPA: More Than Just the Loan Estimate and Closing Disclosure” webinar on Jan. 20.
In addition to the Loan Estimate and Closing Disclosure, TILA/RESPA requires two new documents: the Escrow Cancellation Notice and the Settlement Service Providers List, which will both be discussed in detail for scope and purpose during the webinar.
“Not only are the TILA/RESPA disclosures new, it is crucial to have a plan in place for the crossover period from the current disclosures to the new TILA/RESPA Integrated Disclosures,” Clark said. “Once the rule comes into effect on Aug. 1, NCUA examiners will be focused on compliance with the new requirements.”
The webinar is offered at multiple times throughout the day on Jan. 20, is free for all credit unions, and concludes with a live Q&A session. To register, visit: www.cunamutual.com/tilarespa.