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Survey Says: Most Title Agents don't know TRID

Thu, Mar 05, 2015 at 3:00PM

We weren't surprised to find out, that according to a survey conduction by Secure Settlements, Inc., a mere 36% of a sample group of 1,743 settlement agents are familiar with the new TILA-RESPA Integrated Mortgage Disclosure forms that are set for implementation on August 1, 2015.  The survey went on to say that while 92% of those polled from Feb. 20-24, 2015 said that they were familiar with the new rules, there was a disconcerting lack of specific knowledge.

In 2010 Southern Title began researching the impact of the Dodd-Frank Wall Street Financial Reform Act, and worked diligently to understand and implement policies and procedures that would comply with the federal and state consumer financial protection laws that are applicable to the settlement services process. Today, we have fully implemented our Best Practices and are rolling out beta testing of the TILA-RESPA Integrated Mortgage Disclosures that will be used on every federally insured mortgage loan beginning August 1, 2015.

As we began adopting and implementing the new procedures, we noticed we were one of the only title companies protecting Non-public Personal Information through the use of encrypted emails. We are amazed when customers threaten to work with other title companies as a result of our efforts to comply with the law and protect their identity. Our locked doors and cabinets, and strict escrow deposit and sign-in policies take many of our long time customers by surprise. The days of wandering back to the title production department to say “hello” are long gone in this era of increased oversight, security breaches, and rampant fraud.

So ultimately, we were not surprised that of the 1,743 settlement agents surveyed, 39% had not yet taken steps to prepare for the new disclosure rules.

The upcoming changes aren’t only about changes settlement agents are facing. In addition to the new Loan Estimate and Closing Disclosure Form (which replace the current Good Faith Estimate (GFE), Truth-in-Lending (TIL) and HUD-1 Settlement Statement, settlement agents will need to understand the strict timing requirements, the new definitions guiding “application”, “good faith”, and “business day”; and many other changes.

Company President Shelley Stewart, CLC, convened a Best Practices Task Force at Southern Title in 2012 to research, develop, test, and implement the required policies. While it was a great learning experience, incredibly time consuming and sometimes frustrating, the result is a well-crafted set of policies and procedures that are gaining the necessary approvals for us to continue to serve as the title company of choice and provide the ultimate closing experience to generations of Florida property owners.

Southern Title has been providing training classes to Realtors and Lenders regarding the new disclosures and timelines. For more information, or to schedule training, please contact me at Southern Title at 386-262-1231 or email lblythe@stitle.com.

We weren't surprised to find out, that according to a survey conduction by Secure Settlements, Inc., a mere 36% of a sample group of 1,743 settlement agents are familiar with the new TILA-RESPA Integrated Mortgage Disclosure forms that are set for implementation on August 1, 2015.  The survey went on to say that while 92% of those polled from Feb. 20-24, 2015 said that they were familiar with the new rules, there was a disconcerting lack of specific knowledge.

In 2010 Southern Title began researching the impact of the Dodd-Frank Wall Street Financial Reform Act, and worked diligently to understand and implement policies and procedures that would comply with the federal and state consumer financial protection laws that are applicable to the settlement services process. Today, we have fully implemented our Best Practices and are rolling out beta testing of the TILA-RESPA Integrated Mortgage Disclosures that will be used on every federally insured mortgage loan beginning August 1, 2015.

As we began adopting and implementing the new procedures, we noticed we were one of the only title companies protecting Non-public Personal Information through the use of encrypted emails. We are amazed when customers threaten to work with other title companies as a result of our efforts to comply with the law and protect their identity. Our locked doors and cabinets, and strict escrow deposit and sign-in policies take many of our long time customers by surprise. The days of wandering back to the title production department to say “hello” are long gone in this era of increased oversight, security breaches, and rampant fraud.

So ultimately, we were not surprised that of the 1,743 settlement agents surveyed, 39% had not yet taken steps to prepare for the new disclosure rules.

The upcoming changes aren’t only about changes settlement agents are facing. In addition to the new Loan Estimate and Closing Disclosure Form (which replace the current Good Faith Estimate (GFE), Truth-in-Lending (TIL) and HUD-1 Settlement Statement, settlement agents will need to understand the strict timing requirements, the new definitions guiding “application”, “good faith”, and “business day”; and many other changes.

Company President Shelley Stewart, CLC, convened a Best Practices Task Force at Southern Title in 2012 to research, develop, test, and implement the required policies. While it was a great learning experience, incredibly time consuming and sometimes frustrating, the result is a well-crafted set of policies and procedures that are gaining the necessary approvals for us to continue to serve as the title company of choice and provide the ultimate closing experience to generations of Florida property owners.

Southern Title has been providing training classes to Realtors and Lenders regarding the new disclosures and timelines. For more information, or to schedule training, please contact me at Southern Title at 386-262-1231 or email lblythe@stitle.com.


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