It is here! The Consumer Financial Protection Bureau has released its massive rule proposal on the integrated mortgage disclosures under the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA). This Webinar will take you step-by-step through the proposed rule, telling you what you need to know in order to comment to the bureau, thereby making sure this rule is right for the industry prior to being finalized.
Join renowned RESPA experts and mortgage attorneys Phil Schuman and Holly Spencer Bunting, of K&L Gates, in a 90-minute training Webinar on the new forms. The presenters will provide:
- Top 10 takeaways of the rule proposal;
- Changes from the 2010 RESPA reform and the effects of this new reform on the industry;
- A breakdown of the proposed regulations and training on the various sections;
- An explanation of finance charges, the proposed expanded definition and the impact on consumers;
- The responsibilities of the settlement agent;
- Instruction on the new forms;
- A list of specifics for which the CFPB is seeking comment; and
- A Q&A session for your specific questions.
On July 9, the CFPB released a massive, 1,099-page proposed rule. In releasing the proposal, the CFPB noted that it has engaged in extensive consumer and industry research and public outreach for more than a year in crafting the new regulations and the new forms.
The CFPB is asking for comments on the proposed rule from the real estate, mortgage and settlement services industries by Nov. 6. Everyone who has a stake in residential real estate transactions will need to have an in-depth understanding of the new forms and regulations. The CFPB is asking for feedback on very crucial elements in the transaction process, such as who should give the consumer the closing disclosure, how long the industry will need to implement the final rule and other major items that will greatly impact your business.
This new regulation will cost the industry time and money and will require training, retooling and systems upgrades. But don't fret. Take action now. Learn about this proposal from the nation's most highly respected mortgage and settlement services attorneys. Take this step-by-step instructional training and you will come out knowing the proposal and the new forms and having great insight into the impactful areas affecting you and your business partners.
Partner, K&L Gates
One of the nation's most widely respected and most recognized RESPA attorneys, Phil Schulman's national practice focuses on real estate finance and mortgage banking, with specialties in the Real Estate Settlement Procedures Act, Truth in Lending Act and administrative and regulatory compliance matters.
He represents companies in the mortgage lending, title insurance and real estate industries in connection with administrative and regulatory compliance matters; defends companies in connection with governmental audits, investigations and enforcement proceedings; develops and analyzes proposed business plans, and drafts the related agreements and disclosures, based upon applicable federal and state laws, regulations and rules; and assists in litigation involving consumer class action lawsuits and commercial claims.
Phil is the former general counsel to the Home Improvement Lenders Association and was the former assistant general counsel of the Inspector General and Administrative Proceedings Division, U.S. Department of Housing and Urban Development.
Holly Spencer Bunting
Partner, K&L Gates
Holly Spencer Bunting is a partner in the Washington, D.C., office of K&L Gates. She practices in the areas of mortgage banking and consumer finance, and concentrates on issues of federal and state regulatory enforcement.
Bunting represents companies in the mortgage lending, title insurance and real estate industries in connection with regulatory compliance matters and defends clients subject to government audits, investigations and enforcement proceedings. Her practice also includes advising clients about federal and state consumer credit and protection laws and regulations, including the Real Estate Settlement Procedures Act, and reviewing and analyzing existing and proposed business arrangements for compliance with federal and state requirements.
Editor, RESPA News, October Research, LLC
Angela Rulffes is editor of RESPA News and RESPA News Monthly at October Research, LLC. She reports on the latest RESPA developments through RESPANews.com, an online publication dedicated to covering all the issues and news related to the Real Estate Settlement Procedures Act. She also reports on news related to the Truth in Lending Act and the new Consumer Financial Protection Bureau, which has been tasked with enforcing the RESPA statute.
Prior to joining October Research, LLC, Angela worked as a civil rights attorney. She has a bachelor's degree in English, a master's degree in broadcast journalism and a Juris Doctorate. She is a member of the bar in Ohio and New York.