These changes will have a dramatic impact on the title industry, so we designed this training series to help title professionals be prepared to make the August 1st transition as smooth as possible for all parties to a transaction.
Austin, Texas (PRWEB) February 20, 2015
The Texas Land Title Association (TLTA), one of Texas’ oldest trade associations, kicked off its Truth in Lending (TILA)/Real Estate Settlement Procedures Act (RESPA) Readiness Training series on Feb. 18 & 19 in Dallas and Austin respectively to help title industry professionals prepare for the Aug. 1st implementation date of the Consumer Financial Protection Bureau’s (CFPB) new Know Before You Owe rule. The rule establishes new integrated disclosure forms that combine the current Good Faith Estimate, Truth in Lending and HUD-1 forms into two new forms – an initial Loan Estimate and final Closing Disclosure. Demand for the two popular seminars was strong – both sessions filled up quickly with more than 200 attendees each. Additional readiness programs are being scheduled around the state in the months leading up to Aug. 1st.
TLTA’s TILA/RESPA Readiness Training series provides the tools title professionals need to prepare to implement the massive changes that will be required for the new Integrated Disclosures. Providing a more in-depth discussion than has previously been offered, this informative series features a detailed line-by-line walkthrough of the new forms, a look at the changing roles and responsibilities of settlement agents and lenders and a review of the new timelines for transactions. The program also featured a Q&A session with title and mortgage industry experts providing their perspectives on these hot topics. Lunch features the insights of guest speakers from the Texas Mortgage Bankers Association.
“The changing roles and processes that will take place in the title and mortgage lending industries as a result of the new Integrated Disclosures program are significant and should not be underestimated,” said Leslie Midgley, CEO and executive vice president of TLTA. “These changes will have a dramatic impact on the title industry, both in Texas and nationwide, and we designed this training series to help title professionals be prepared to make the August 1st transition as smooth as possible for all parties to a transaction.”
TLTA’s TILA/RESPA training series attendees will:
- learn what goes where on the new Closing Disclosure;
- review new timelines from loan approval to closing;
- learn how various types of transactions must be handled;
- walk through different pre-closing scenarios;
- hear how roles and responsibilities of settlement agents and lenders will change under the new rule
- leave with the following implementation tools:
1. sample forms;
2. answers to frequently asked questions
3. a list of Top 10 things you should know
4. a list of implementation readiness questions
“This class and its speakers have been incredibly thorough and provided a comprehensive exploration of all the changes brought on by the TILA/RESPA rule,” said attendee Patti Bonner, senior vice president, south central states district manager, Stewart Title Guaranty Company. “TLTA has done an outstanding job of bringing together industry experts and attendees from around Texas to cover this topic in great detail. I highly recommend this course to anyone in the title or real estate industries.”
The series will continue later this year with hands-on workshops in other Texas cities. Check http://www.tlta.com for dates and locations.
Founded in 1908 and serving more than 13,000 professionals, the Texas Land Title
Association (TLTA) is a statewide trade association representing the land title industry in Texas. TLTA members provide certainty, efficiency and security to real estate transactions by conducting title searches, examinations, closings and issuing title insurance to protect real property owners and mortgage lenders against losses from defects in titles. For more information about TLTA, visit http://www.tlta.com.