Indecomm-Mortgage U has developed a new Integrated Disclosure Training Package that will save mortgage managers hundreds of hours in developing training content and training trainers. The Consumer Financial Protection Agency (CFPB) has promulgated rules integrating loan disclosures under the Truth-in-Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). This was mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rules have now been finalized and are contained in the integrated disclosures rule (the Rule).
Integrated disclosure project teams are faced with planning and implementing an overwhelming number of operational changes as mandated by the 1,900-page Rule. Significant operational changes include the need to restructure the process and timing of re-disclosures, expand the final settlement statement review process and add efficiency to accommodate a new waiting period prior to closing. The industry’s ability to effectively manage this change will have a measurable impact on consumers in the form of costs and interest rate lock pressure. The new TILA-RESPA Integrated Disclosure procedures and forms are effective Aug. 1, 2015 with no ability for lenders to conduct a live testing phase.
Indecomm-Mortgage U provides compliance training by mortgage professionals for mortgage professionals using proven methodologies and processes that have been developed over the last 20 years. Training for the TILA-RESPA rules have merged into the Indecomm-Mortgage U library of mortgage training programs, which help professionals at all levels understand the new compliance rules in the context of existing conventions.
“We are especially proud of the work which Indecomm - Mortgage U has done on the TILA-RESPA training program,” said Rajan Nair, CEO, Financial Services, Indecomm Global Services. “It puts us at the forefront of the industry, helping us partner with our customers through yet another evolution of regulations."
Indecomm-Mortgage U’s Integrated Disclosure Training Package for the TILA-RESPA Integrated Disclosure Rule includes three comprehensive modules which explain the regulations in simple, practical terms. The Microsoft Word documents and PowerPoint presentation provide an overview of the regulation and line by line details of the Loan Estimate and Closing Disclosure forms, reducing the complexity for the operations and sales teams on the front lines. The training package content can be customized by the lender and shared with other professionals in the client’s organization.
The Integrated Disclosure Training Package, which can be customized by compliance officers and training managers for their users, includes three manuals covering the following topics:
►Integrated Disclosure Rule
►The Loan Estimate
►The Closing Disclosure
The instructor-guided learning package also includes:
►PowerPoint presentations for each of the three curriculums
►Q&A support from the Indecomm-Mortgage U team of compliance experts
►Notifications if content is impacted by changes from the CFPB prior to the Aug. 1, 2015 deadline
In addition to the instructor-guided training package, Indecomm–Mortgage U will have the same content available in its eLearning library. eLearning modules complement each of the three elements described above and aide industry partners needing blended learning solutions for the entire organization. Indecomm–Mortgage U’s TILA-RESPA Integrated Disclosures eLearning programs are a demonstration of the power of Indecomm’s Web-based online course authoring platform RapideL. RapideL allows users to create courses in Flash and HTML5 in four easy steps: Setup, Author & Review, Publish and Package. RapideL includes a rich template library and offers features like instant page preview, multiuser authoring, and online review.
