Substantive legal research about interaction between state and federal
New Dodd-Frank Act disclosures, loan form fields, and calculations
Formatting and programming trips and traps
Disclosing optional debt protection or credit insurance
Elimination of the Fed Box payment schedule
Securian helps clients avoid Trips, Traps and Quirks in new federal
ST. PAUL, Minn.--(BUSINESS WIRE)--
The historic changes in mortgage loan disclosures mandated by
regulations issued by the Consumer Financial Protection Bureau (CFPB)
are one year away, but Securian Financial Group advises its financial
institution clients to start getting ready now.
Securian offers lenders a guide for understanding and complying with the
1,888 pages of changes to the Real Estate Settlement Procedures Act
(RESPA) and the Truth in Lending Act (TILA) provided by the CFPB. The
integrated RESPA-TILA disclosures will fundamentally change the
disclosures that consumers receive when taking closed-end mortgages.
“Understanding the many ways in which these changes will affect
day-to-day loan operations – and implementing those changes – is a huge
undertaking,” said Jacquelyn
Philpot, manager, Loan Document Services, Securian Financial Group.
“Our clients will find a broad, plain-English overview of the new rules
in each edition of our Regulatory Update newsletter.” Securian also
offers online seminars where participants can ask questions during the
The new rules apply to closed-end mortgages secured by real property and
requirements regarding loan forms, disclosures and timing are very
specific. Securian’s EasyGuides show financial institutions how to name,
structure and complete the forms.
Trips, Traps and Quirks
Securian also delivers a list of
five TAQs (Trips, Traps and Quirks) lenders should be aware of as they
plan their strategies for implementing the new loan forms. They include:
“Our financial institution clients can look to us for help understanding
these comprehensive new rules,” said Catherine Klimek, senior counsel.
“We will send them a steady stream of information that explains in
detail what they need to do to comply. Our first piece of advice is that
they start preparing now: August 1, 2015 is less than a year away!”
Securian Financial Group is one
of the most highly-rated US insurance company groups and the
financial strength of its member insurance companies provides security
and value for clients. Through its member insurance companies, Securian
offers insurance, debt protection, loan documents and related marketing
services to more than 4,000 US financial
institutions. Securian Financial Group is the holding company parent
of a group of companies that offer a broad range of financial services.
Securian Financial Group, Inc.
Maggie Jensen, APR, 651-665-7558
Source: Securian Financial Group, Inc.