Title Security's Blog

Comprehensive Title Insurance & Escrow Services

Coffee Corner: Integrated Mortgage Disclosure Rule

Leave a comment


Title Security’s February Coffee Corner was a success!

The topic of discussion was the Integrated Mortgage Disclosure Rule.  This rule will bring changes on how realtors, mortgage brokers/lenders and title insurance companies do business in the future. The rule goes into effect August 1, 2015, replacing the Good Faith Estimate and early TILA with the new Loan Estimate. The HUD-1 and the final TILA is replaced with the new Closing Disclosure. With these changes to the forms comes changes to the systems that produce these forms.

3 key points to the change and how they will affect the way business is conducted:

1. Communication-communication-communication: In order to meet the Closing Disclosure 3 day requirement and the closing date, it will be imperative that there is communication between all parties. There are deadlines that need to be met, fees that need to be disclosed and cooperation needed between all parties. Now is the time to discuss what new systems need to be put in place and how to go about implementing these systems.

2. Relationships: The settlement agent is the liaison between the creditor and the realtor. They are key in the training, preparation and delivery of the forms. The closing agent is the center of communication. Make sure the closing agent you are dealing with is well versed in the new rule changes to avoid pitfalls during the closing process.

3. Planning: Now is the time to start planning and implementing your strategies before the rule goes into effect. Have roundtable discussions with realtors, mortgage brokers/lenders and settlement agents. The sooner you plan and become organized the easier the transition will be.

Title Security will continue to have training and information sessions. Stay tuned for announcements of when these will be held. If you have any questions, or would like to attend one of our sessions, please email me at Barbi@titlesecurity.net.

Planning, communication and working together will make the transition a smooth one!


Author: barbibozich

Manager, Sr. Closer and Client Services liaison for Title Security.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s