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Video instructions and help with filling out and completing respa good faith estimate timing
Hey thanks Andy and welcome to all of you you know dodd-frank mandated that the Consumer Financial Protection Bureau combine the respite GFE and the early Truth in Lending disclosure the hud-1 and the final truth in lending disclosure so they've issued their proposal to do just that it's a thousand ninety nine pages in that proposal and let me tell you there's no fluff in there they needed that amount of space to discuss this all and the bottom line is you basically toss out everything you know about mortgage lending and mortgage lending disclosures so much has changed and and once these become final and we're waiting for them to become mandatory and we're going to have a foot in in both worlds it's going to be confusing as all get-out but there are some concepts and and some new approaches that you need to start getting in your head now so we're going to be focusing today on the proposed new forms the loan estimate and the closing disclosure they not only have the information that used to be in in the old forms that they're combining but they're going to be building in a lot of new information mandated from by dodd-frank from the negative amortization statement to the escrow account disclosures and everything else shown in the bullet point list that is on page one of your materials it it is the goal is to present consumer with all the information they could possibly need to truly understand the transaction that they are entering into so Jack set the stage for it a little bit all right well these revisions that we're talking about today the forms and self you know their combined what used to be in RESPA with what used to be in truth in lending but the resulting product is lodged in truth in lending so the the information about how to fill out the forms it's in regulation z in the comment area agency alright so they've combined stuff from rest but brought it over Marybeth you made 2 comments there a moment ago and while we largely agree on things you said there's no fluff in the reg you know it's not the agency's fault but there is some fluff in there all that stuff about the paperwork reduction act oh oh yeah yeah I understand your comment though and you also said throw out everything you already know boy that's largely true but you know there are some concepts and you'll see it as we go through here where you going home well that's just like it is on that one oh that's just like yeah so they brought over stuff they didn't they really didn't throw it all out you look at the forms you think I've never seen anything like that before but as you dig in you'll see there is some familiar terrain but anyway though the information we got its all in reg Z