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This is a two piece cheat sheet - One page is a "Providing the Closing Disclosure" that breaks down when the disclosure is due and when it would need to be mailed based on the closing date. The other page is a "TILA RESPA Integrated Disclosure Timeline" that takes you from application to consummation.Free Download
This document summarizes the integrated disclosures rule.Free Download
The Consumer Financial Protection Bureau (CFPB or the Bureau) issues this compliance bulletin to remind participants in the mortgage industry of the prohibition on kickbacks and referral fees under the Real Estate Settlement Procedures Act (RESPA) (12 U.S.C. 2601, et seq.) and describe the substantial risks posed by entering into marketing services agreements (MSAs).1 The Bureau has received numerous inquiries and whistleblower tips from industry participants describing the harm that can stem from the use of MSAs, but has not received similar input suggesting the use of those agreements benefits either consumers or industry. Based on the Bureau’s investigative efforts, it appears that many MSAs are designed to evade RESPA’s prohibition on the payment and acceptance of kickbacks and referral fees. This bulletin provides an overview of RESPA’s prohibitions against kickbacks and unearned fees and general information on MSAs, describes examples of market behavior gleaned from CFPB’s enforcement experience in this area, and describes the legal and compliance risks we have observed from such arrangements.
Fannie Mae and Freddie Mac issued letters to the mortgage lenders they work with explaining their posture towards compliance with the TILA-RESPA integrated disclosures. Fannie's letter states, "Fannie Mae is aware that some lenders continue to address the implementation of TRID’s technical requirements. In recognition of this, until further notice, Fannie Mae will not conduct routine post-purchase loan file reviews for technical compliance with TRID; however, consistent with current practices, Fannie Mae will evaluate whether the correct forms were used in connection with the origination of a mortgage loan.
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