We had a huge turnout of 1,000 attendees for Thursday's webinar "A New Era in Closings," which addressed the Consumer Financial Protection Bureau's final rule for integrated mortgage diclosures. Since we exceeded our attendee limit, many could not attend the webinar. Below is a recording, so please share with others. We plan to hold many more webinars over the next year to help members implement the new disclosures and educate customers and consumers.
Participating on the call were:
- Michelle Korsmo, ALTA
- Steve Gottheim, ALTA
- Ben Olson, BuckleySandler
- Ruth Dillingham, First American Title Insurance Co.
- Mary Schuster, op2 and RamQuest
- Leslie Wyatt, SoftPro
The webinar touched on why the CFPB created new integrated mortgage disclosures, the goals of the CFPB's "Know Before You Owe Project," basics of the final rule, the forms, impact the rule will have on the industry and next steps. The panelists answered attendee questions for about 20 minutes and discussed who provides the Closing Disclosure to the consumer and role of the settlement agent, the three-day rule, the need for clear guidance and the use of the word "optional" to describe Owner's Title Insurance on the forms.
A new Loan estimate will replace the current Good Faith Estimate and early Truth-in-Lending (TIL) disclosure, while a new Closing Disclosure will replace the HUD-1 Settlement Statement and the final TIL disclosure. The new forms go into effect Aug. 1, 2015.
You can also download a copy of the presentation