TRID Rule eLearning Program

 

Closing Disclosure (CD) Quick Guide - CFPB Rule 2017 Amendment

 

Why is TRID Training Important?

 

 

 

Why is TRID Training Important?

 

 

 

This course reviews how the upcoming TILA-RESPA Integrated Disclosure (TRID) Rule will significantly impact how we conduct business.

 

 

Drag and Drop Challenge

 

 

 

Prove your understanding of the information contained in this module.

 

 

Reference Guide

 

 

 

This document provides support and a resource for future reference to the information contained in this module.

 

 

 

 

Loan Estimate – TRID Rule Requirements

 

 

 

Definitions

 

 

 

The first part of the learning includes important new definitions for the loan application, consummation, and business day as it relates to the Loan Estimate, or the “LE.”

 

 

Provision

 

 

 

The second part, Provision, describes LE timing, delivery, and revisions.

 

 

Loan Estimate Calendar Challenge

 

 

 

Test your understanding of the information contained in the Definitions and Provision segments.

 

 

Good Faith Determination

 

 

 

The third part of this learning reviews shopping for settlement service providers, 10% aggregate variations, zero variance/tolerance, and unlimited variance categories and lender credits.

 

 

Loan Estimate – TRID Rule Requirements Challenge

 

 

 

Prove your understanding of the information contained in this module.

 

 

Reference Guide

 

 

 

This document provides support and a resource for future reference to the information contained in this module.

 

 

 

 

Loan Estimate Form Analysis

 

 

 

Page 1

 

 

 

This part will review the General Information, Loan Terms, Projected Payments and Costs at Closing sections.

 

 

Page 2

 

 

 

This part will review the Closing Cost Details and Calculating Cash to Close sections as well as the AP and AIR tables.

 

 

Page 3

 

 

 

This part will review the Contact Information, Comparisons, Other Considerations and Confirmation of Receipt sections.

 

 

Loan Estimate Form Analysis Challenge

 

 

 

Prove your understanding of the information contained in this module.

 

 

Reference Guide – Loan Estimate Form Analysis

 

 

 

This document provides support and a source for future reference to the contents of this module.

 

 

 

 

Title Premium Quoting Under TRID

 

 

 

Quoting Requirements

 

 

 

The first part of this learning reviews the new quoting requirements that pertain to TRID impacted transactions, what to include in the quotes, which information to gather, and the manner in which quotes will be provided.

 

 

Simultaneous Issue

 

 

 

The second part of this learning reviews the new formula for how to calculate the Loan and Owner Policy premiums without the benefit of simultaneous issue rates.

 

 

Simultaneous Issue Challenge

 

 

 

The third part of this learning demonstrates how to calculate the premiums and splits for a purchase transaction in a simultaneous issue state, and offers the opportunity to practice and master these calculations.

 

 

Reference Guide

 

 

 

This document provides support and a source for future reference to the contents of this module.

 

 

 

 

Owner’s Policy Optional

 

 

 

Owner’s Policy Optional

 

 

 

This learning looks at what this means to us and how to help customers understand the value of the Owner’s Title Policy, in order to make an informed decision about whether or not to purchase it.

 

 

Owner’s Policy Optional Challenge

 

 

 

Prove your understanding of the information contained in this module.

 

 

Reference Guide

 

 

 

This document provides support and a source for future reference to the contents of this module.

 

 

 

 

TRID Rule and Relationships

 

 

 

Background & Quoting Accuracy

 

 

 

Part one of this learning reviews the new time constraints and good faith estimate variance limits the lenders face, resulting in new lender expectations of timeliness and increased accuracy.

 

 

Settlement Agent Preparation Workflow

 

 

 

Part two reviews the workflow for CD preparation and delivery if the lender delegates this responsibility to the settlement agent.

 

 

Lender Preparation Workflow

 

 

 

Part three reviews the workflow for CD preparation and delivery if the lender prepares the CD.

 

 

New Process Workflows

 

 

 

Part four reviews the new workflow for CD preparation using collaborative platforms, electronic integration and the possibility of traditional workflow for a time.

 

 

TRID Rule and Relationships Challenge

 

 

 

Prove your understanding of the information contained in this module.

 

 

Reference Guide

 

 

 

This document provides support and a source for future reference to the contents of this module.

 

 

 

 

Closing Disclosure – TRID Rule Requirements

 

 

 

Responsibility

 

 

 

The first part of this learning reviews the responsibilities of the lender and settlement agent in relation to preparation and delivery of the CD.

 

 

Timing and Receipt

 

 

 

The second part of this learning covers timing requirements and business day as related to the CD.

 

 

Calendar Challenge

 

 

 

Reinforce your understanding of a business day as it relates to the CD.

 

 

Changes, Charges and Transactions

 

 

 

The third part of this learning reviews changes before consummation, charges to be disclosed and requirements pertaining to transactions with sellers.

 

 

Closing Disclosure – TRID Rule Requirements Challenge

 

 

 

Prove your understanding of the information contained in this module.

 

 

Reference Guide

 

 

 

This document provides support and a source for future reference to the contents of this module.

 

 

 

 

Closing Disclosure Form Analysis – Sale

 

 

 

Closing Disclosure Form Analysis – Page 1

 

 

 

Part one reviews page 1 of the Closing Disclosure to include:  General, Transaction and Loan Information; Loan Terms, Projected Payments and Costs at Closing.

 

 

Closing Disclosure Form Analysis – Page 1 Challenge

 

 

 

Test your understanding of the information contained in the Closing Disclosure Form Analysis – Page 1 segment.

 

 

Closing Disclosure Form Analysis – Page 2

 

 

 

Part two reviews page 2 of the Closing Disclosure to include:  Loan Costs (Sections A-D) and Other Costs (Sections E-J).

 

 

Closing Disclosure Form Analysis – Page 2 Challenge

 

 

 

Test your understanding of the information contained in the Closing Disclosure Form Analysis – Page 2 segment.

 

 

Closing Disclosure Form Analysis – Page 3

 

 

 

Part three reviews page 3 of the Closing Disclosure to include:  Calculating Cash to Close, Summaries of Transactions and Transaction without a Seller.

 

 

Closing Disclosure Form Analysis – Page 3 Challenge

 

 

 

Test your understanding of the information contained in the Closing Disclosure Form Analysis – Page 3 segment.

 

 

Closing Disclosure Form Analysis – Page 4

 

 

 

Part four reviews page 4 of the Closing Disclosure to include:  Additional information, AP and AIR Tables.

 

 

Closing Disclosure Form Analysis – Page 4 Challenge

 

 

 

Test your understanding of the information contained in the Closing Disclosure Form Analysis – Page 4 segment.

 

 

Closing Disclosure Form Analysis – Page 5

 

 

 

Part five reviews page 5 of the Closing Disclosure to include: Loan Calculations, Other Disclosures, Questions Notice, Contact Information and Confirm Receipt.

 

 

Closing Disclosure Form Analysis – Page 5 Challenge

 

 

 

Test your understanding of the information contained in the Closing Disclosure Form Analysis - Page 5 segment.

 

 

Reference Guide

 

 

 

This document provides support and a source for future reference to the contents of this module.

 

 

Closing Disclosure Form Analysis Challenges Answer Key

 

 

 

Contains highlighted answers for the Closing Disclosure Form Analysis - Pages 1 through 5 Challenges.

 

 

 

 

Closing Disclosure Form Analysis – Refinance

 

 

 

Closing Disclosure Form Analysis (Refinance) – Page 1

 

 

 

Part one reviews page 1 of the Closing Disclosure for a refinance to include: General, Transaction and Loan Information; Loan Terms, Projected Payments and Costs at Closing.

 

 

Closing Disclosure Form Analysis (Refinance) – Page 1 Challenge

 

 

 

Test your understanding of the information contained in the Closing Disclosure Form Analysis (Refinance) – Page 1 segment.

 

 

Closing Disclosure Form Analysis (Refinance) – Page 2

 

 

 

Part two reviews page 2 of the Closing Disclosure for a refinance to include:  Loan Costs (Sections A-D) and Other Costs (Sections E-J).

 

 

Closing Disclosure Form Analysis (Refinance) – Page 2 Challenge

 

 

 

Test your understanding of the information contained in the Closing Disclosure Form Analysis (Refinance) – Page 2 segment.

 

 

Closing Disclosure Form Analysis (Refinance) – Page 3

 

 

 

Part three reviews page 3 of the Closing Disclosure for a refinance to include: Calculating Cash to Close and Transactions without a Seller.

 

 

Closing Disclosure Form Analysis (Refinance) – Page 3 Challenge

 

 

 

Test your understanding of the information contained in the Closing Disclosure Form Analysis (Refinance) – Page 3 segment.

 

 

Closing Disclosure Form Analysis (Refinance) – Page 4

 

 

 

Part four reviews page 4 of the Closing Disclosure for a refinance to include: Additional information, AP and AIR Tables.

 

 

Closing Disclosure Form Analysis (Refinance) – Page 4 Challenge

 

 

 

Test your understanding of the information contained in the Closing Disclosure Form Analysis (Refinance) – Page 4 segment.

 

 

Closing Disclosure Form Analysis (Refinance) – Page 5

 

 

 

Part five reviews page 5 of the Closing Disclosure for a refinance to include: Loan Calculations, Other Disclosures, Questions Notice, Contact Information and Confirm Receipt.

 

 

Closing Disclosure Form Analysis (Refinance) – Page 5 Challenge

 

 

 

Test your understanding of the information contained in the Closing Disclosure Form Analysis (Refinance) – Page 5 segment.

 

 

Reference Guide

 

 

 

This document provides support and a source for future reference to the contents of this module.

 

 

Closing Disclosure Form Analysis (Refinance) Challenges Answer Key

 

 

 

Contains highlighted answers for the Closing Disclosure Form Analysis (Refinance) – Pages 1 through 5 Challenges

 

 

 

 

Corrected Closing Disclosures

 

 

 

Pre-Consummation

 

 

 

Part one of this learning reviews pre-consummation changes to the initial CD including timing constraints, processes and responsibilities of the lender and settlement agent.

 

 

Post-Consummation

 

 

 

Part two covers requirements pertaining to changes to the CD after consummation of the loan, including clerical errors, Tolerance Cures and monetary errors.

 

 

Corrected Closing Disclosure Challenge

 

 

 

Prove your understanding of the information contained in this module.

 

 

Reference Guide

 

 

 

This document provides support and a source for future reference to the contents of this module.

 

First American is providing this education as an accommodation to our title issuing agents in order to enhance their professionalism beyond that which is required by the scope of the agency contract. First American does not supervise or monitor our issuing agents for compliance with regard to their performance as closing or settlement agents as the closing/settlement function is outside the scope of the title agency relationship between First American and its issuing agents.

 

First American Title Insurance Company, and the operating divisions thereof, make no express or implied warranty respecting the information presented and assume no responsibility for errors or omissions. First American, the eagle logo, First American Title, AgentNet, FAST, First American Eagle Academy, StreamLine, StreamLine ASP, TARA. and Title Express are registered trademarks or trademarks of First American Financial Corporation and/or its affiliates. This document is for informational purposes only and is not and may not be construed as legal advice. No person or entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such person or entity should consult with an attorney prior to embarking upon any specific course of action..

 

 

 

 

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These materials may not be distributed without written permission from First American Title Insurance Company.