On March 1, 2016, the CFPB provided a one-hour presentation titled “Know Before You Owe Mortgage Disclosure Rule – Construction Lending”.
First, the good news:
The webinar confirmed several of our own interpretations regarding construction loans and the Loan Estimate / Closing Disclosure completion, including the disclosure of “holdbacks” in the cash to close table and the use of Appendix D.
And now, the bad news:
In our opinion the webinar was not delivered in plain English. We’ve heard from many of you and the consensus is that you don’t speak “Romanette”! Neither do we! We take pride in translating complex regulatory requirements into plain English (when possible). It’s what we do!
If you’re looking for “in person” training on this or the other complicated elements of TRID join us for one of our upcoming Lending Update Compliance Seminars. We’ll be covering a host of the latest compliance changes…Small Creditors under the Ability to Repay / Qualified Mortgage rules, all the complicated elements of TRID (including construction lending), Flood Insurance updates and an overview of the 2017/2018 HMDA compliance changes. Reserve your seat and sign up today!
Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar, or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups, and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru.
Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports related!