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Arch Mortgage Insurance Company (Arch MI), a wholly-owned subsidiary of Arch Capital Group, has announced the launch of a new online resource to provide information and resources to lenders to help them prepare for the expected Oct. 3, 2015 launch of the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosure (TRID) rules. Arch MI’s TRID Information Center is a unique repository of information for lenders including a Webinar, Frequently-Asked Questions (FAQs), resources and links created in conjunction with Benjamin K. Olson, a partner at the Buckley Sandler law firm. Olson is a former Deputy Assistant Director of the CFPB’s Office of Regulations, who led the Bureau’s development of the proposed rules and forms integrating TILA and RESPA disclosures.
The centerpiece of Arch MI’s TRID education effort is a proprietary Webinar hosted by Olson, who delivers his expert opinion on mortgage insurance and tolerances under TRID and corresponding lender disclosure responsibilities.
“The TRID rules will have a transformative effect on the mortgage origination process for consumers and industry,” Olson said. “Although the rules can be dauntingly complex, they also offer a unique opportunity for lenders and service providers who can master their intricacies.”
“Our goal is to provide our customers with clarity on how mortgage insurance will be treated under TRID and how and where to disclose this information,” said Chris Hovey, executive vice president and chief operations officer at Arch MI.