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CUNA Mutual Offering TILA/RESPA Integrated Disclosure Rule Webinar
Friday, August 8, 2014 6:45 AM

CUNA Mutual Group is helping credit unions comply with the Consumer Financial Protection Bureau’s TILA/RESPA Integrated Disclosure Rule by offering a free webinar and adding to its compliance staff.

“The TILA/RESPA Integrated Disclosure rule will completely overhaul the way credit unions go about mortgage lending and will likely impact the types of mortgage lending credit unions engage in,” said Jon Bundy, regulatory compliance manager for CUNA Mutual Group. “It redefines disclosures for first mortgages and closed-end home equity loans.”

The Consumer Financial Protection Bureau (CFPB) issued the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) Rule in November 2013 to simplify and improve disclosures consumers receive when applying for and closing on mortgage loans.

The disclosures under TILA/RESPA provided at the time of application and closing have been integrated and will need to be provided to credit union members for mortgage applications received on or after Aug. 1, 2015.

“Overall, TILA/RESPA will directly affect the people, processes and technology credit unions use to support their lending operations because the regulations require loan disclosures to change dynamically to reflect each borrower’s unique loan features,” said Bundy. “Specifically, the rule will impact credit unions’ relationships with their system providers and, most importantly, their members and their own staff.”

The TILA/RESPA rule becomes effective and must be complied with by Aug. 1, 2015.

“Generally speaking, the rule applies to closed-end home equity and first mortgage loans, but credit unions shouldn’t underestimate the changes that are required to comply with this rule,” Bundy added.

To learn more, register for the Aug. 19 TILA/RESPA Integrated Disclosure rule webinar. The webinar will introduce the TILA/RESPA Integrated Disclosure rule, the enormity of the impacts, and what action steps credit unions need to take now and leading up to August 2015. The webinar is free for all credit unions, runs from 11 a.m. – 12 p.m. CDT, and concludes with a live Q&A session.