Lender*VP Forms is nearing the recently extended effective date of the Truth In Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) regulation change. In July of 2015 the CFPB officially announced the extension of the effective date from August 1, 2015 to October 3, 2015. The Lender*VP Forms team is committed to having these documents programmed and available for testing purposes on CU*BASE® prior to the October 3rd effective date. The team has had extensive communication with forms providers and compliance officers to ensure proper implementation. With dedicated resources, the team has ensured that the transition to the new documents will be smooth and seamless for clients.
The major aspects of the TILA/RESPA regulation require credit unions to provide members with specific documentation within a stringent time-frame of receiving mortgage loan applications. The TILA/RESPA rule applies to most closed-end consumer credit transactions secured by real property. In an effort to simplify the complexities of these documents, the Lender*VP Forms team has coordinated with the CU*Answers Writing team to complete the TILA-RESPA Integrated Disclosures (TRID) booklet.
Amidst the devoted effort in completing the multitude of projects required for this regulation, Lender*VP Forms continues to offer dedicated client support for all forms-related issues, as well as thorough coordination with all clients’ new forms project endeavors.