Title Source’s Chief Operating Officer Brian Hughes will speak at the 2015 National Notary Association (NNA) Conference in Orlando, Florida on June 1st at 5:10 p.m. Hughes is one of four panelists
who will be discussing how the Consumer Financial Protection Bureau’s new closing disclosure rules will affect loan signings.
Effective August 1st, the TILA-RESPA Integrated Disclosure (TRID) rule, which has been dubbed the “Know Before You Owe” rule, will aim to streamline the mortgage application process by combining elements of various forms provided to applicants. Under the new rules, applicants must be provided with a loan estimate form that combines the initial Truth in Lending Act (TILA) disclosure and the Good Faith Estimate (GFE), within three business days of their application. Loan originators will also be required to provide a Closing Disclosure form, which combines the final TILA disclosure and the HUD-1 Settlement Statement, at least three business days prior to the loan consummation.
The new rule goes into effect nearly two years after having been finalized in November of 2013. While the CFPB expects it will improve the closing process by shortening the length of a typical closing appointment and limiting last minute changes, it also presents the industry with new challenges.
“The mortgage industry has taught us that it’s dynamic and ever-evolving,” said Hughes. “As we prepare for upcoming CFPB changes, I welcome the opportunity to help our lender clients meet these new regulations with our interactive technology solutions.”
Hughes has 25 years of experience in the national settlement services industry, is a licensed title agent in multiple states, and has been COO of Title Source for nearly 15 years. Hughes holds a degree in finance, has earned Lean Six Sigma Champion and Green Belt certificates, and has completed the Everest leadership program. Also participating in the panel discussion will be Ray Callahan, Chief Compliance Officer of Prospect Mortgage, and Sally Freudenberg, Vice President of Business Systems Consultant at Wells Fargo. The three panelists will be giving their first-hand perspectives on the new regulations, and discussing what will change at the signing table on August 1st.
The NNA is a nonprofit organization that provides educational resources and tools to signing agents. Their annual conference is being held this year in Orlando, Florida at the Hilton Orlando Bonnet Creek Hotel from May 31st to June 3rd. To learn more about the NNA Conference, click here!