Most Common TRID Issues
Even several years after the TILA-RESPA Integrated Disclosures (TRID) rule has been effective, along with a couple tweaks by the CFPB, compliance has been elusive. The rules can be so detailed and prescriptive that 100% accuracy is near impossible. After a year of light-touch exams, where lenders were expected to demonstrate a “good faith effort to comply,” scrutiny of TRID disclosures has become quite intense. Plus when you consider the legal liability of inaccurate disclosure of the many fees, identifying the many hot spots of TRID becomes paramount.
In this webinar we’ll explore those hot spots, gray areas, and frequently-violated provisions. We’ll spend time discussing the timing of the various disclosures (which can get quite complicated), disclosure of fees, and calculating tolerances and potential reimbursement issues. Our goal is to ensure you understand where the TRID rules can create uncertainty and risk, and insulate your institution as much as possible from noncompliance.
Most Common TRID Issues has been approved for 2.5 CRCM credits.
What You’ll Learn
Coverage issues – straightforward but still a challenge
Application issues – data points, preapprovals, and more
The complicated timing rules of TRID: the 3-day LE rule, 7-day LE rule, and the 3-day CD rule. Making sure you count correctly.
Problems with disclosure of various fees
Providing a revised Loan Estimate – when can you do this? How does it impact tolerance issues?
Changed Circumstances – what this does and what it does NOT do
Proper calculation of tolerances/variances – what is your baseline?
Corrected CDs – timing is everything
Redisclosure and reimbursement after closing
And many more, presented in “what are the risks?” format
Who Should Attend
Loan officers, compliance professionals, auditors, QA/QC staff, processors, management, legal staff, and anyone else involved in the consumer mortgage application, processing, and closing processes will benefit from the information in this webinar.
Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Managing Director for Treliant Risk Advisors in Washington, DC. Through his working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and is a frequent contributor to and currently serves on the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at scores of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.
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