February 18, 2014 at 8:18 pm EST #5435jholzknechtKeymaster
My fellow CMG members we received the following request today: Other
vendors are beginning to offer the revised RESPA rules training. I don’t
want to pay for the training if Jack will be covering this in upcoming CMG
sessions. Please let me know if he will be training on this topic and if
so, approximately when.
Here’s my reply: We received your request for information about training on the revised RESPA rules. I assume you are referencing the new integrated disclosures that combine Truth in Lending Disclosures with RESPA disclosures. Other RESPA changes have been thoroughly covered in previous Compliance Master Group meetings. The integrated disclosures are on our running list of topics that we need to cover with members. The list also includes topics requested by members.
Use of the new integrated disclosures is not mandatory until August 1, 2015, so we have 18 months to master those rules. But the rules are massive so we plan to give our members multiple exposures to the new requirements. I plan to introduce the topic to our members this Spring. Then this summer we will offer more detailed sessions on the Loan Estimate and the Closing Disclosure. Then in late Spring and early Summer of 2015 we will cover the material again. That will assure that our members are totally prepared by the effective date.
I can’t give you an exact date for the training this Spring because there are other “hot” topics that also need our attention. We already have new Flood Insurance rules from FEMA and we are waiting for final interagency Flood Insurance rules. Those rules will be effective in June and July of this year. So they will need our attention soon. Also we are expecting vastly expanded HMDA rules this year, which will be a big deal for our HMDA reporting banks.
I would like to believe that having lead our members through the most massive changes in the history of compliance during the past 12 months that we have established trust with our members; trust that we will continue to get the job done. We have covered all of the changes to date and we have a plan to cover the changes coming in the next several years. You are in good hands. We will continue to take care of your compliance needs.
Sometimes I get caught up in covering all of the information I need to share with our members and don’t spend enough time discussing future plans. Thank you for your inquiry and please share your thoughts on the plans discussed above. I am going to post your request (anonymously) and my reply in our Community Forum. I hope that you and others will join in the discussion of our plans for the future.
Let the discussion begin. We would like to hear from all of you on this topic.February 18, 2014 at 8:22 pm EST #5436jholzknechtKeymaster
That is a very long-winded reply, but we really would like to get your input on our plans for the coming months.
- You must be logged in to reply to this topic.