Resources for Changes to TILA-RESPA

Updated Aug. 5, 2016 - Read about gaining access to closing disclosure forms.

Beginning Oct. 3, 2015 REALTORS® and their clients will face new rules which govern how mortgages will be handled.

Under the Real Estate Settlement Procedures Act and the Truth in Lending Act, new procedures and timelines will be implemented which could result in closing delays. IAR has compiled a growing list of resources to help you understand the changes, and learn how they may affect your business and your clients.


Webinars | Learn More | History | Consumer Resources | Essential Documents



Webinars Can Prepare You

 

 

The Consumer Financial Protection Bureau (CFPB) offers: "Know Before You Owe Mortgage Disclosure Rule: Post-Effective Date Questions & Guidance."

Register and listen to the webinar

On April 12, the webinar first aired. This webinar is available through the Federal Reserve System's audio conference series on consumer compliance issues, called "Outlook Live." 


 

IAR presents:  "Affiliated Business Arrangements & Marketing Service Agreements."

Listen to the webinar | Download then watch the webinar (WMV)

On Feb. 18, 2016, IAR hosted a Legal Webinar to discuss some permitted and prohibited practices for real estate agents and brokers relating to affilated business arrangements and marketing service agreements.

IAR presents: TRID Revisited: "Know Before You Owe" An Update on Implementation of TRID

Listen to the webinar | Download then watch the webinar (WMV)

On Oct. 22, 2015, IAR hosted a Legal Webinar to discuss new developments that occurred after the TILA-RESPA Integrated Disclosure rule went into effect on Oct. 3.
 


IAR presents: "TILA-RESPA Integrated Disclosure Rule"

Listen to the webinar | Download then watch the webinar (WMV)

On June 25, 2015, IAR hosted a Legal Webinar to discuss developments with the TILA-RESPA Integrated Disclosure rule.

 

IAR and the Illinois Bankers Association present: Leonard A. Bernstein, managing partner of Reed Smith, LLP, in Philadelphia

Listen to the webinar | Download the slides (PDF)

On May 4, 2015, IAR partnered with the Illinois Bankers Association in providing a webinar by a lawyer well versed in the intricacies of housing policy.

 

 

 

 

 

 

 

 

 

 

Learn More

Get the latest developments on the IARbuzz blog, such as:


Check online versions of Illinois REALTOR® articles, such as:


Authoritative resources, such as the:

 

Watch NAR's "Window to the Law: TRID Changes Coming" where NAR's Senior Counsel Finley Maxon discusses the upcoming changes.

Check out the NAR’s online REALTOR® magazine articles:

History

The Truth in Lending Act (TILA) of 1968 was created to help consumers understand the costs associated with borrowing money to make a purchase, such as finance charges.

The Real Estate Settlement Procedures Act (RESPA) of 1974 was created to prevent lenders and any individuals or businesses connected with real estate from colluding to get business through illegal or unethical means. It requires mortgage lenders provide prospective home buyers with an itemized statement (the HUD-1 Settlement Statement) that explains the services and fees that must be paid when borrowing money to buy a home or refinance an existing mortgage. The HUD-1 also includes a standardized Good Faith Estimate that includes itemized lists of closing fees and costs, such as taxes, title changes, inspections and loan fees.

In 2014, the Consumer Financial Protection Bureau changed its rules regarding mortgage financing effective Oct. 3, 2015. The changes are known as TILA-RESPA Integrated Disclosure (TRID) rule.    

The Federal Housing Finance Agency (FHFA) regulates Fannie Mae, Freddie Mac and 12 Federal Banks, plus provides information to consumers, media, industry professionals and other government personnel.

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 was signed into law by President Barack Obama and established the Consumer Financial Protection Bureau (CFPB) to replace the Department of Housing and Urban Development as enforcement agency for TILA and RESPA.

Consumer Resources

The Consumer Financial Protection Bureau has numerous resources for home buyers:

The Department of Housing and Urban Development also offers resources online:

Essential Documents

The Consumer Financial Protection Bureau offers essential documents for home buyers: