In preparation for the [CFPB] Rule becoming effective, creditors and title/settlement companies should coordinate with software vendors to ensure compliance will be achieved with the new disclosure requirements
Knoxville, TN (PRWEB) May 04, 2015
In a newly released white paper, “Clarification of Major Changes—Integrated Mortgage Disclosures,” PYA explores how the Consumer Financial Protection Bureau’s (CFPB) implementation of a highly anticipated Dodd-Frank provision is changing the ebb and flow of the mortgage industry and what this change means for financial institutions and title companies. The white paper highlights major changes related to the integration of mortgage disclosures and provides definitions for the newly created Loan Estimate disclosure and Closing Disclosure, explaining how they work, when to use them, and what is included on each.
The white paper provides a concise view of these required disclosures which become effective August 1, 2015, and offers an assessment of their impact on the mortgage industry landscape.
The paper also offers guidance for creditors and title/settlement companies in anticipating these disclosures. According to the paper, “In preparation for the [CFPB] Rule becoming effective, creditors and title/settlement companies should coordinate with software vendors to ensure compliance will be achieved with the new disclosure requirements. Testing should be conducted to verify that information is accurately disclosed. In addition, financial institutions should evaluate lending processes in light of the regulatory changes.”
PYA works with creditors and title/settlement companies to assure regulatory compliance with the CFPB ruling will be achieved. PYA has assisted a number of financial institutions with developing and implementing robust risk-based compliance programs.
For over three decades, Pershing Yoakley & Associates (PYA) has provided timely insight, strategic support, and exceptional professional service, helping clients thrive in the midst of rapid change. PYA was named to INSIDE Public Accounting’s 2014 list of the fifty “Best of the Best Accounting Firms.” For more information, visit http://www.pyapc.com/.