ALTA Update: New Mortgage Disclosure Forms
- Posted on March 19, 2014
-Diane Scherer, Vice-President
I just returned from attending the American Land Title Association Business Strategies Conference in Nashville, TN. What a great opportunity to meet title agents from all over the country and participate in sessions throughout the week presented by experts on each topic and session that I attended.
Bob Dylan famously sang “The times they are a-changin”. For the title industry, no change will be more drastic than the Consumer Financial Protection Bureau's new Integrated Mortgage Disclosures rule. There was LOTS of chatter about CFPB. If you haven't seen those initials yet - you will become very familiar with Consumer Financial Protection Bureau as a realtor, lender, attorney or buyer or seller. You may have seen acronyms such as HUD, RESPA, GFE, TIL or TILA in transactions in the past. They are all going away.
Any loan applications taken after August 1, 2015 will require that the new forms developed by the CFPB will have to be used in the purchase of residential property where a lender is involved. These new forms and disclosures are required by Congress under the Dodd-Frank Act.
DO NOT PANIC! Guaranty Title Services will provide lots of education and guidance on these new disclosure forms. We will be sure that by the time August 1, 2015 is here - all of our customers are comfortable with and knowledgeable about the new forms and processes.