Video

  • 32 minutes

Closing Disclosure Rules and a Tour of the Closing Disclosure Form

 
The Bureau had to decide who provided the closing disclosure, and under the old regime the creditor provided the truth in lending and the settlement agent provided the HUD-1 to the borrower and to the seller in a purchase transaction. They have now switched that responsibility for the entire document to the creditor but allow the creditor to permit the settlement agent to provide the borrower’s version of the closing disclosure but the creditor remains liable. The settlement agent is responsible for providing the seller’s version of the closing disclosure to the creditor.

In this 31-minute video our speaker, Richard J. Andreano, reviews details regarding the timing of the closing disclosure, and details on revisions and exceptions in the closing disclosure. He also discusses recording keeping regulations and provides information on where to find additional Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) rule information. Mr. Andreano walks through a closing disclosure page by page explaining different versions of disclosures.

Richard J. Andreano is a partner and practice leader of the mortgage banking group at Ballard Spahr LLP. He counsels clients on residential mortgage regulatory matters, including ability to repay, TILA/RESPA integrated disclosure (TRID) rule, CFPB supervision and examination, UDAAP and other Dodd-Frank matters.
Runtime: 32 minutes