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CUNA Mutual Group announces Jan. 20 TILA/RESPA Integrated Disclosure rule webinar
Helping Credit Union Leaders to Focus on Their Members
MADISON, WI (January 15, 2015) – CUNA Mutual Group is helping credit unions comply with the Consumer Financial Protection Bureau’s TILA/RESPA Integrated Disclosure Rule by offering a free webinar on 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.
“CUNA Mutual Group is here to help credit unions prepare for the impacts this new rule will have on their closed-end real estate lending business,” Clark said.
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 National Credit Union Association’s (NCUA) recent letter to credit unions (15-CU-01) stressed that compliance with TILA/RESPA will be an exam priority after the effective date.
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. In addition, CUNA Mutual Group LOANLINER® customers have additional resources available to them at www.loanliner.com/realestate.
Webinar attendees will learn about document impacts beyond the Loan Estimate and the Closing Disclosure, understand how to effectively transition from their current disclosures to the new ones, and learn about procedures and processes that should be updated to support the paradigm shift. Most importantly, the webinar will highlight action steps that are important to take in order to be fully prepared for the Aug. 1 effective date.
“Overall, TILA/RESPA will directly affect the people, processes and technology credit unions use to support their lending operations because the regulations require loan disclosures to change dynamically to reflect each borrower’s unique loan features,” said Clark. “Specifically, the rule will impact credit unions’ relationships with their system providers and, most importantly, their members and their own staff. Don’t underestimate the changes that are required of your credit union to comply with this rule.”
The Consumer Financial Protection Bureau (CFPB) issued the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) Rule in November 2013 to simplify and improve disclosures consumers receive when applying for and closing on mortgage loans. The disclosures under TILA and RESPA currently provided at the time of application and closing have been integrated and the new disclosures will need to be provided to credit union members for mortgage applications received on or after Aug. 1. The TILA/RESPA rule becomes effective and must be complied with on Aug. 1.
CUNA Mutual Group was founded in 1935 by credit union pioneers, and our commitment to their vision continues today. We offer insurance and protection for credit unions, employees and members; lending solutions and marketing programs; TruStage®-branded consumer insurance products; and investment and retirement services to help our customers succeed. More information is available on the company’s website at www.cunamutual.com
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wis.