August and Everything After
As seen in HousingWire, July 2015
August and Everything After: How the default industry will have to adapt
When the CFPB announced the passage of a newly consolidated regulatory framework in November 2013, the mortgage default servicing industry knew that change was coming. That change is no longer a future possibility, but an immediate reality, with a formal start date of Aug. 1, 2015.
The new disclosure rules with replace the Truth in Lending Act and Real Estate Settlement Procedures Act with the TILA-RESPA Integrated Disclosure (TRID) guidelines. In addition to a new acronym, the unified set of guidelines includes new and revised forms, new disclosure obligations and new timelines.
To get a sense of how disruptive the new disclosure rules may be for organizations that are not adequately prepared for the upcoming changes...
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