trid emily martinez, training specialist 2015 calyx software point point® helps you get the job...
TRANSCRIPT
TRID
Emily Martinez, Training Specialist
2015
Calyx Software POINT
Point® helps you get the job done faster and more efficiently
TILA-RESPA Integrated Disclosures in Point
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Legal Disclaimer: The information presented is confidential and proprietary to Calyx Software (“Calyx”) and may not be disclosed without the permission of Calyx. The purpose of this PowerPoint presentation is to provide information, rather than advice or opinion. It is accurate to the best of the speaker’s knowledge as of the date of the presentation. To the extent that this presentation contains any examples, please note that they are for illustrative purposes only and any similarity to actual individuals, entities, places or situations is unintentional and purely coincidental. In addition, any examples are not intended to serve as legal advice. No part of this presentation may be modified, printed, or presented without the permission of Calyx. Calyx and Calyx Software are registered trademarks of Calyx Technologies, Inc. Copyright © 2015 Calyx Software. All rights reserved
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TILA-RESPA Integrated Disclosures in POINT
Truth-In-Lending Act
Real Estate Settlement Procedures Act
Integrated
Disclosures
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TILA-RESPA Integrated Disclosures in POINT
August 1,2015
Effective for loan applications taken on or after
Saturday, August 1, 2015
Current Disclosure New Disclosure
Good Faith Estimate & Initial Truth-In-Lending StatementGFE & TIL Loan Estimate
Final Truth-In-Lending & Settlement StatementTIL & HUD-1 or HUD-1A Closing Disclosure
KEY: The ruling is much more complex than this chart illustrates …
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TILA-RESPA Integrated Disclosures in POINT
The Rule Is Massive:
… and there’s more …
• Loan Applications already accepted prior to this date must continue on current forms.
• Current forms must be used as applicable for excluded products.
• However, certain provisions are effective on this date regardless of application date:
• Pre-application written estimates
• Upfront fee restrictions
• Upfront restrictions on requiring verifying information
• State law preemption
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TILA-RESPA Integrated Disclosures in POINT
August 1, 2015
• The coming changes involve much more than simply learning to use two new forms
• The ruling impacts your processes from Origination through Closing
Timing
Delivery
Workflow
Policies
Procedures
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TILA-RESPA Integrated Disclosures in POINT
Are you prepared?
On Tuesday, March 3, CFPB Director Richard Cordray appeared before the House Financial ServicesCommittee to answer questions regarding the Bureau’s Semi Annual Report to Congress and the President, which it published on December 4, 2014. The Bureau has no plans to push forward the August 1, 2015, effective date for the TILA/RESPA Integrated Disclosures Rule. Director Cordray indicated that CFPB examiners had no intention of “bringing the hammer down on the first day,” but he repeatedly emphasized that Institutions will have had 21 months from the date of the rule’s publication to prepare .
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TILA-RESPA Integrated Disclosures in POINT
. . . More to think about . . .
• The Lender is responsible for the content and timing of the Loan Estimate and the Closing Disclosure
• Most of the emphasis revolves around the creditor’s liability.
• The role of the settlement agent will change
The LE and CD are Dynamic ….
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TILA-RESPA Integrated Disclosures in POINT
While the main emphasis of our 9.2 software update is to provide the new Loan Estimate and Closing Disclosure functionality, it includes several enhancements.
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Point 9.2 Release Summary • Loan Estimate • Closing Disclosure Worksheet • Closing Disclosure • TIL screen updated • Agent license numbers • Time Zone • Form Update
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TILA-RESPA Integrated Disclosures in POINT
Point and PointCentral Point allows you to set up default information in templates to populate your loan files.
• Manage your business
• Help with your workflows
• Save Time
• Reduce Errors
• Ensure completion of commonly missed fields
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TILA-RESPA Integrated Disclosures in POINT
Templates
Located in the Navigation Panel
Select a Template Category
o Report & Marketing
o Loan Program
o Closing Cost Scenario
o Prospect Master
o Borrower Master
o Data Import
o Data Export
o Custom Forms/Letters/Email
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TILA-RESPA Integrated Disclosures in POINT
Closing Cost Scenario Templates allow fees that are standard for loan types, investors or lenders to be defaulted into the loan file
• Existing Calyx Customers – revise Closing Cost Scenario templates to conform to fee naming conventions
• New Calyx Customers – will find the templates enormously helpful
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TILA-RESPA Integrated Disclosures in POINT
Closing Cost Scenario Templates flow to the Fees Worksheet
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TILA-RESPA Integrated Disclosures in POINT
Current Data Flow: Fees Worksheet Good Faith Estimate
New Data Flow: Fees Worksheet Loan Estimate (LE)
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TILA-RESPA Integrated Disclosures in POINT
Loan Program TemplatesCurrently default to the Truth-In-Lending. This will remainthe same – Calyx will support the old and the new disclosures
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TILA-RESPA Integrated Disclosures in POINT
Borrower Master Templates allow common fields to flow through to all applicable locations throughout each loan file, thus helping to reduce errors. What is common? What can be defaulted?
Some Ideas:
• Late Charge Fields
• Prepayment Fields
• Loan Checklist
• Loss Payee
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TILA-RESPA Integrated Disclosures in POINT
SOLUTIONS FOR COMPLIANT DISCLOSURE PROCESSES:
Monitoring, Supervision, Training and LOS capability
Recommendations: • Begin training well before the August 1st effective date
• Collect all loan data in your LOS to prevent delaying issuance of the LE
• Use PointCentral Business Rules as controls to help you remain compliant
• Ensure all of your systems are integrated with your policies and procedures
• Have systems in place to monitor transactions – formulate your reports
• Decide what processes you’ll use to document compliance
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TILA-RESPA Integrated Disclosures in POINT
SOLUTIONS: Monitoring, Supervision, Training and LOS capability
CALYX SOFTWARE TOOLS:• Data Folder Structure
• Security Access Rights for users and user groups
• Templates
• Business Rules
• Reports
• Interfaces
• Data Storage
• E-sign
• Document Exchange
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TILA-RESPA Integrated Disclosures in POINT
Lenders - Prepare Now
Communicate with brokers, lenders and investors
Determine who will provide initial and revised LE’s
Decide your methods of delivery to your borrower(s)
Retool processes and workflows for new application definition, timeline, fees and other information
Decide who will prepare and provide the Closing Disclosure
Decide how information will be exchanged between you and your settlement Agent
Determine the names for your fees
Plan your timing and begin utilizing the timing now
Decide on your system of record for your record keeping
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TILA-RESPA Integrated Disclosures in POINT
CALYX SOFTWARE - already preparing our customers for the changes. Our website, www.calyxsoftware.com, features a dedicated page for TRID updates and FAQ’s.
• Sign up for our email updates • Access the FAQ’s • Stay informed
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Good News for Calyx Point Users
• The steps for creating the LE and the CD in a Point file will remain virtually the same as the current steps for creating the GFE and TIL
• The Fees Worksheet and the Truth-in-Lending screens will remain in control of the data
that populates the Loan Estimate and the Closing Disclosure • The Fees Worksheet and TIL screen will continue to be the initial data entry points for
the data that will flow to the required disclosures • Data entered to the Fees Worksheets and TIL screens is routed to the required data
points in the Loan Estimate and the Closing Disclosure
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Emily Martinez, Training Specialist
2015
TILA-RESPA Integrated Disclosures in POINT
The Help You Need
• Point User Guide – embedded in your software
• F-1 Help from any screen
• www.calyxsoftware.com/support/trid.asp
• Calyx Customer Support 1-800-342-2599
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Emily Martinez, Training Specialist
2015
TILA-RESPA Integrated Disclosures in POINT
Thank You!