CFPB Saying Goodbye to HUD-1

We were fortunate and honored to have Jared Conaway from the Swanepeol T3 Group  join us today to share an update and detailed discussion around the new changes that will be taking place with the HUD in October 2015. These changes were originally scheduled to happen August 1st, 2015 but were postponed and pushed back until October.

The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.read more…

CFPB Changing How Homes are Bought and Sold

Beginning October 2015 the CFPB ( Consumer Financial Protection Bureau ) will mandate a new closing process known as TRID which is designed to increase transparency for consumers. Basically, the CFPB wants consumers to “know before they owe!” TRID stands for Tila-Respa Integrated Disclosure. Watch This TRID Training Introduction

Soon, the  HUD-1 settlement form, the Good Faith Estimate (GFE), and the TILA or Truth in Lending Act disclosure form will go away and will be replaced by two new forms: the Closing Disclosure and the Loan Estimate.

Compliance and Risk Assessment

Real Estate has never before seen a regulator the likes of the Consumer Financial Protection Bureau.

Understanding how these changes will affect the lending institutions and loan process is more than just due diligence and best practice, THIS IS YOUR BUSINESS! The new changes will impact lenders, title companies, your clients and you. So knowing how to educate others properly and accurately is the key to experiencing a smooth, compliant, issue free and successful real estate transaction. Learn right here then you can go teach and educate your business associates and transaction affiliates etc. so that everyone benefits from your time and knowledge and everyone wins!

There’s a lot of great information that was shared in Jared’s presentation today. We’re confident that this video will help you understand the road ahead and our hope is that it will lend a significant amount of knowledge, expertise and wisdom toward helping you educate and prepare your clients and prospects.

Tila Respa Integrated Disclosures

These sites and tools that were mentioned are worth noting.

About Jared
The T3Sixty Compliance team is lead by Jared Conaway and is dedicated to designing and implementing accountability and compliance initiatives to ensure that organizations continue to operate within the boundaries of relevant legislation and regulations. Jared is member of the Florida Bar and previously served three years as Assistant Director of Litigation at Zakheim & LaVrar, P.A., where he counseled several of America’s largest banking institutions in the areas of litigation, consumer behaviors, and consumer related law. He was a contributing editor for the 2015 Swanepoel Trends Report and provided key insights on the CFPB chapter titled The Price of Prosecution.

Jared-Conaway
Jared Conaway
Director, Risk and Compliance

Jared is a former president-elect of the Florida Creditor’s Bar Association, and served as a member of the board of directors from 2013-15, where he oversaw the association’s laws and legislation committee, which is charged with overseeing the association’s chief lobbyist. He is a graduated from Wabash College and Barry University School of Law and also studied at the Pontifícia Universidade Católica in both Brazil and Ecuador.