Bahhur: Time to prepare for TILA/RESPA

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JiJi Bahhur

Aug. 18, 2014 – In an editorial for CUInsight, NAFCU Director of Regulatory Compliance JiJi Bahhur wrote about her department’s preparations for the implementation date of the Truth in Lending Act/Real Estate Settlement Procedures Act integrated mortgage disclosures final rule next August.

Bahhur gives an overview of the TILA/RESPA disclosure rule, which she says “will significantly impact mortgage departments at credit unions around the country.” She also explains that the rule does not allow early compliance, meaning that new disclosure forms can only be used for mortgage applications on or after the implementation date.

“As of this month, we have one year left before the implementation date of the Truth in Lending Act/Real Estate Settlement Procedures Act (TILA/RESPA) integrated mortgage disclosures final rule, scheduled for Aug. 1, 2015,” Bahhur writes. “Nearly 2,000 pages in length, the TILA/RESPA rule will significantly impact mortgage departments at credit unions around the country. NAFCU’s compliance team has been working diligently to help credit unions get a head start tackling this rule through a number of avenues.”

Bahhur also notes the planned discussion of the rule at NAFCU’s Regulatory Compliance Seminar in October, which will feature remarks from Richard Horn, now a partner at Dentons US LLP, who led the final rulemaking process for the rule at CFPB.

The Regulatory Compliance Seminar is scheduled for Oct. 14-17 at the Renaissance Baltimore Harborplace Hotel in Baltimore, Md. Attendees who enroll by the Aug. 22 early-bird deadline will save $100 on registration costs.

 

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