YOUR ASSIGNMENT: TEST INTEGRATED MORTGAGE LOAN DISCLOSURES

The volume of changes from the Dodd-Frank Act that are currently unfolding is daunting. Based on the numerous complaints about the GFE and the HUD-1 I have fielded over the past 30 months, the issue of greatest concern may be the new integrated mortgage loan disclosures.

The proposed rule for the Loan Estimate and Closing Disclosure covers 1,099 pages. Reading the proposal, gaining an understanding of the requirements, and trying your hand at completing the new forms is a monstrous task. But since we will likely have to live with the new forms for years to come this a task that needs your attention.

To simplify the task we have developed a few tools that will make the job easier. We have pulled blank forms from the proposed regulation and have them ready for you to print. We have also published a 200-page guide to Completing the Loan Estimate and Closing Disclosure.

The blank forms are available here.

The guide is available here.

If you think you may need help implementing the Dodd-Frank requirements, information about the Compliance Masters Group is available here.

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