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The American Land Title Association (ALTA) has released a new TILA-RESPA Integrated Disclosure (TRID) training DVD to help its members prepare their staff prior to the Aug. 1 implementation of new closing disclosure forms.
The Dodd-Frank Act mandated the Consumer Financial Protection Bureau (CFPB) to combine overlapping federal disclosure forms required by the Real Estate Settlement Procedures Act (RESPA) and the Truth-in-Lending Act (TILA). Loan applications received on or after Aug. 1, 2015, must use the new integrated disclosures for most mortgages. A three-page Loan Estimate will replace the initial Truth-in-Lending disclosure and Good Faith Estimate (GFE), while a five-page Closing Disclosure will replace the HUD-1 Settlement Statement and final Truth-in-Lending disclosure.
“In less than five months our members need to be fully-trained to properly implement the new real estate closing forms,” said Michelle Korsmo, ALTA’s chief executive officer. “Now is the time to prepare staff for the changes ahead and this new training DVD is a fantastic resource for our members. It’s important in this new era of real estate closings that ALTA members remain the confident, professional and trusted third party at the closing table. Ensuring that members of the land title insurance industry are well-trained in advance of Aug. 1 helps accomplish that goal.”
ALTA’s two and a half hour training DVD addresses the economic factors that led to passage of the Dodd-Frank Act, the establishment and goals of the CFPB, key components of the 1,888 pages of the CFPB Rule, related regulatory action impacting ALTA members’ business and how to collaborate with real estate customers to prepare for implementation. Also included is a detailed review of the new Loan Estimate and Closing Disclosure forms.
ALTA’s TRID training DVD was developed through a collaborative effort led by ALTA vice president, Kelly Romeo. The training product is the result of contributions from former CFPB staff member, Richard Horn, and ALTA staff experts. Current CFPB staff also provided comments for the training. Additional contributors include ALTA's Board of Governors, RESPA Task Force, Education Committee, and Best Practices Task Force.