The CFPB’s TILA/RESPA Integrated Disclosures Rule: Navigating Its Enforcement Predicament
Aiming to simplify closed-end credit transactions and processes, the Consumer Financial Protection Bureau (CFPB) has recently published the Truth-In-Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) integrated disclosures (TRID) rule.
The new regulation, under the Dodd-Frank Wall Street Reform and Consumer Protection Act, became effective on October 3, 2015 and is expected to drastically to change the pre-closing disclosures creditors, mortgage brokers, and settlement agents must provide to borrowers under RESPA and TILA. With the TRID rule, making closed-end credit transactions will be easier. However, gearing up for implementation and compliance challenges is a must for consumers and creditors as drastic changes could also mean new requirements, expenses and liabilities.
Among other changes to the existing pre-closing procedures, the TRID enables 'integrated disclosures' in lieu of various documents traditionally used under RESPA and TILA for certain qualifying loans. However, implementation and compliance are problematic for creditors. In addition, the lack of a gradual transition to the new, integrated disclosures has many lawmakers and trade organizations questioning whether the CFPB should implement a non-enforcement period to allow creditors a period of adjustment before enforcement.
For the time being, creditors should have implemented changes to avoid the grave civil and regulatory consequences of non-compliance.
In this two-hour, LIVE webcast, a panel of distinguished professionals and thought leaders will help you understand the important changes to The CFPB's TILA/RESPA Integrated Disclosures Rule and speakers will help the audience in Navigating The Enforcement Predicament in 2016. The panel of speakers will also suggest best practices to ensure compliance and enforcement with the new rules.
James DeFrantz, Principal
Virtual Compliance Management, LLC
- The History of TIL for Mortgages
- The History of RESPA
- The purpose of the two regulations
- The reason for joining the two
- What the regulations are designed to accomplish
- What the new rules are designed to accomplished
John DelPonti, Managing Director
Navigant Capital Advisors
- Implementation Issues/Challenges and Best Practices
- New scope of coverage compared to pre-existing dwelling-secured regulations
- Loan Estimate Potholes
- Closing Disclosure Potholes
- Challenges for Mortgage Originators
- Implementation best practice
Iram P. Valentin, Partner
Kaufman Dolowich & Voluck LLP
The American Land Title Association (“ALTA”) issued a set of “Best Practices.” The Best Practices are voluntary and are designed “to guide its membership on best practices to protect consumers, promote quality service, provide for ongoing employee training, and meet legal and market requirements.” They recommend that the following be addressed:
- Compliance w/ Licensing Requirements
- Procedures & Controls for Escrow Trust Accounts
- Protection of Confidential Information
- Recording & Pricing Procedures
- Title Policy Delivery & Premium Reporting
- Insurance Coverage
- Consumer Complaints
- Training Course
- Avoiding Civil Claims
Who Should Attend:
- Mortgage Brokers
- Settlement Agents
- Senior Executives
- Operations Managers
- IT Managers
- Compliance Officers
- Risk Officers
- Other Related Professionals
Mr. DelPonti is a Managing Director in the Valuation and Financial Risk Management practice and based in the Charlotte, NC office. He co‐leads the Consumer Banking – Financial and Operational Risk Management Practice providing consulting services in all aspects of consumer and mortgage banking related activities including risk assessments, compliance strategy, and reengineering related reviews.
Mr. DelPonti has extensive experience with over 30 years in post merger integration, lending best practices, mortgage servicing reviews, risk management including bank (OCC/OTS/FDIC/CFPB) regulatory and compliance management mortgage, consumer and finance banking, distressed workouts, capital markets operations, loan valuation and restructuring, portfolio asset management, financial due diligence. He is a former partner at PricewaterhouseCoopers, LLP where he managed business advisory and audit services focused on top 10 consumer mortgage banks.
Prior to re‐joining Navigant in August of 2010, Mr. DelPonti was founder and CEO of a distressed mortgage special servicing and asset management company, where he grew annual revenues from zero to over $25 million in less than 3 years. He also was Chief Risk Officer for a $30 billion thrift bank.
Mr. DelPonti is a Managing Director in the Valuation and Financial Risk Management practice and based in the Charlotte, NC …
James Defrantz, CRCM, CAMS, J.D. Principal-Virtual Compliance Management Services LLC, has 30 years of experience in financial service regulatory compliance. He is a specialist in compliance in consumer and real estate lending; BSA; CRA; Fair Lending; Consumer Operations; Non-Deposit Investment Products; Note Department Operations; Assessment of ALL and Credit Approval Process. He has served as a Senior Compliance Examiner at the Federal Reserve Bank in San Francisco; as an Analytical Manager at the Office of Thrift Supervision; and as a Commissioned National Bank Examiner at the Office of the Comptroller of the Currency (OCC). He has a Certificate from the Pacific Coast Banking School of Bank Management, a Juris Doctor from the University of San Francisco with a concentration in banking and finance, and a BA from Dartmouth College. He is a Certified Regulatory Compliance Management and Certified Anti- Money Laundering Specialist.
James Defrantz, CRCM, CAMS, J.D. Principal-Virtual Compliance Management Services LLC, has 30 years of experience in financial service regulatory compliance. …
Iram P. Valentin, Partner at Kaufman Dolowich & Voluck LLP located in New Jersey, is a civil trial attorney, with a practice focus in professional liability defense, financial services litigation and complex civil litigation. He routinely represents professionals in the real estate, legal, insurance, construction, and financial services industries. Mr. Valentin is Certified by the Supreme Court of New Jersey as a Civil Trial Attorney and is a graduate of the College of the Holy Cross and Fordham University School of Law.
Iram P. Valentin, Partner at Kaufman Dolowich & Voluck LLP located in New Jersey, is a civil trial attorney, with …
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About Virtual Compliance Management, LLC
Virtual Compliance Management is a collective of former regulators, compliance officers, internal auditors, and trainers ready to assist you with your business. Our consulting firm provides the flexible resources you need, including updating bank policies and procedures, training classes, compliance auditing, and quality control reviews, to make you stand out against your competition.
Boasting more than 100 years of auditing experience among its staff, Virtual Compliance Management focuses on the most critical areas with which community banks often struggle:
Because we specialize in providing audit services to community banks, your Board and executive team will know that the bank’s audit meets all standards of the state and federal regulators under which it operates.
About Kaufman Dolowich & Voluck LLP
Kaufman Dolowich & Voluck is a nationally recognized, AV-rated® law firm serving the insurance and business community in a number of practice areas. Founded over 25 years ago, KDV has established a strong reputation in areas of commercial litigation, directors and officers liability (D&O), financial institutions, and professional liability coverage and defense. Our seasoned litigators and legal practitioners place our clients first, think like business people, and provide our clients with viable and innovative solutions that offer them the best resolution possible. Headquartered in Woodbury, New York, KDV serves our global clientele with additional offices in New York City, New Jersey, Pennsylvania, San Francisco, Los Angeles, Florida and Chicago. For more information go to kdvlaw.com