respa-tila integrated disclosure: are you ready?
TRANSCRIPT
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It’s an industry game changer. Where should you focus?Getting it wrong can mean delayed closings, unhappy clients, exposure to litigation and penalties. With such high
stakes, it’s important to consider the issues broadly.
• How will you collaborate with mortgage brokers to provide a timely and accurate Loan Estimate?
• What changes are needed to provide an accurate Closing Disclosure three days prior to closing?
• How will you address new vendor management responsibilities?
• How will you comply with expanded record keeping requirements?
• What should you be talking about with your LOS vendor?
• What new liability are you exposed to and what are your responsibilities?
The line between compliance and business operations has blurredUntil recently, compliance was a post script. But now, it is an integral part of your business model. For many, complying
with the RESPA-TILA Integrated Disclosures rule will require a dedicated program, founded on three principles:
• Intensity: Focus on reviewing and modifying procedures, processes, technology, data and businessrelationships in time for the RESPA-TILA deadline and beyond
• Intimacy: Go beyond compliance and consider opportunities to strengthen relationships with consumers,realtors, title companies and other partners
• Influence: Establish an ongoing dialog to help manage the substantial change both inside and outside ofyour organization with open and frequent communication with partners and training for employees
RESPA-TILA Integrated Disclosures: Are You Ready?
Consumer Financial Protection Bureau rules require two new forms to
replace the Good Faith Estimate, HUD-1 and Truth-in-Lending disclosures. But the impact of the rule goes way beyond the new forms. New timing
requirements, tolerance levels for estimates, and pre-disclosure restrictions
will cause lenders to rethink the entire loan origination process. And it’s not
enough to rely on your Loan Origination System vendor to implement the
new requirements.
ASSESS ENVISION DESIGN IMPLEMENT
MANAGE RISK
Infinitive’s Approach
We are experts in Transformational Change, Risk Management and Analytics
RESPA-TILA: It’s a big deal...
• 1,888 pages• 400+ changes• 1,122 business rules• 362 data points
Source: Wolters Kluwer
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Our mortgage industry practice brings together capabilities to help our clients navigate the complex maze of
RESPA-TILA issues.
Business Transformation
• Project and portfoliomanagement
• Business processimprovement
• Business processmanagement
• Vendor management
• Technology integration
• Organizational changemanagement
Enterprise Risk Management
• Data loss prevention
• Fraud prevention
• 3rd party risk
• Remediation management
• Audit support
• Financial reporting
• Privacy
• Regulatory compliance
• Information security
Customer Intelligence
• Analytics
• Business intelligence
• Data strategy & architecture
• Data management &governance
• Data warehousing & big data
Infinitive’s successful track record of driving transformational improvements has helped our clients improve
customer experience, mitigate risk, lower operating costs, meet compliance requirements and improve analytics.
Our action-oriented and outcome-driven experts average more than 15 years of experience designing and delivering
people, process and technology solutions for some of the world’s leading financial services companies.
Value Delivered
A leading mortgage banking organization entered into an agreement to provide private label mortgage processing
services to a global financial services organization for a $50 billion portfolio. Infinitive assisted in developing loan
origination and servicing processes and controls to meet key requirements of the transaction for the new customer,
third-party regulatory agencies, internal audit and outside investors.
A top US commercial bank struggled to close a highly profitable loan product within a competitive time frame. We
redesigned the lending process to achieve straight through processing, improve customer service, decrease loan
officer intervention and improve competitiveness by reducing cycle time by 25%.
Mortgage Industry Capabilities
Mike [email protected]
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