More than 300 members of IAR and the Illinois Bankers Association discovered via webinar today how the integration of the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) will affect the details of their work later this year.
Leonard A. Bernstein, Managing Partner of Reed Smith, LLP, in Philadelphia, led the webinar, answered questions from listeners and shared PowerPoint slides about the changes that will occur Aug. 1 for “closed end consumer credit transactions secured by real property.”
Among Berstein’s observations during the opening minutes of the webinar:
- the design of the “loan estimate” will provide better opportunities for borrowers to shop for services from a list of providers;
- the “Good Faith Estimate” and the HUD-1 closing statement will be eliminated from the lending process;
- explanations of fee categories and whether some could change or not between the time that loan estimates are given and the disclosures are presented; and
- an explanation of circumstances when loan estimates can be revised.
Later this week, a copy of the webinar will be available for REALTORS® who missed it. A copy of the slides will also be available.