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CFPB

CFPB Deep Dive Education

Stewart is committed to helping our partners prepare for the integrated mortgage disclosure rule from the Consumer Financial Protection Bureau (CFPB). A series of eight modules have been designed to help anyone involved with the mortgage transaction process understand the CFPB rules and requirements. Each module is approximately 20-25 minutes.

In addition, this series of modules is designed for settlement providers of all types from escrow officers to closing attorneys and every other type in between. If you or your staff provide closing services, then all of the modules in this series are designed to provide the educational foundation needed.  

As a partner of Stewart you have been given access to the Stewart’s CFPB External Education. We encourage you to share this education material with any employee within your company. We ask that you do not share any of Stewart’s CFPB External Education material with anyone outside of your immediate company.

CFPB - The Basics

This module takes a look at consumer complaints which brought about the need for the Truth in Lending and RESPA Integrated Disclosures. We’ll also cover the CFPB goals, the importance of playing by the rules and a summary of the final rule. To finish the module a high-level look at the system integration along with an understanding of the national and local lenders view.

The Loan Estimate Today

The forms associated with the module are:
Loan Estimate (blank form)
Loan Estimate (filled in form)
Loan Estimate Explained

The Loan Estimate is the first new form to be introduced as a result of the CFPB 2013 Final Rule. This module covers the final rule as it applies to the Loan Estimate and what features will help consumers understand the costs and risks of the mortgage loan for which they are applying. Then we review each page of the Loan Estimate in detail.

Introduction to the Disclosure Modules

This six minute introduction provides a look at the changes to industry verbiage and an explanation of the Bureau’s terms for a business day. 

Closing Disclosure: The High Points

This module will explain why title and settlement costs are important. Here are some thoughts to ponder as you go through the module:

  • It addresses what the Settlement Agent does when he or she learns of the change in the home purchasing process. 
  • And answers what the settlement agent is responsible for in regards to closing forms and fee accuracy.

Closing Disclosure: Line by Line

The forms associated with this module are:
TILA-RESPA Integrated Disclosure Guide
Closing Disclosure (blank form)
Closing Disclosure (filled in form)
Closing Disclosure Explained

This module will start with an overview of the Closing Disclosure followed with a line by line review of the entire Closing Disclosure and key areas to focus on.

The New Settlement Statement

This session will give you glimpse into the Standardized Settlement Statement and reasons for its required use.

Focus on Fees

This module will explain why title and settlement costs are important on the Loan Estimate and Closing Disclosure.

Here are a couple of things to consider as you go through the module:

  • What the Settlement Agent does when he or she learns of the change in the home purchasing process. 
  • What the settlement agent is responsible for in regards to closing forms and fee accuracy.

Evidence of Compliance

With periods of retention being longer, service providers like creditors are expected to implement record retention and retrieval systems. Here are a couple of things to consider as you go through this module:

  • What documents to keep and for how long.
  • What’s required by the CFPB for document retention.
  • The costs of non-compliance.

Implementing TRID-SI Rate

This engaging course focuses on topics related to TRID and simultaneous rate for the issuance of owner title policy and lender title policy. Learners get an opportunity to actually “do the math” and calculate rates for owner and lender policy premiums using the TRID formula.

DISCLAIMER

The information provided in these presentations and any printed material are for informational purposes only. None of the forms, materials or opinions is offered, or should be construed, as legal advice. As such, no information, forms, opinions and materials should be used as a substitute for consultation with professional legal or other competent advisers. Communication of information by or through these means and your receipt or use of such information and forms is not to be construed as legal advice or to constitute an attorney-client relationship.

You should not act or rely upon information or use the forms contained in these materials without specifically seeking competent professional advice.  Additional resources that may be referenced in the following presentation or materials are offered merely as a convenience to participants with no guarantees made as to the applicability or validity of the third-party content. We do not take any responsibility for nor do we warrant the content, accuracy or timeliness of referenced websites, articles, books, events, etc.; nor do we endorse any commercial products that may be advertised or available on those sites.