Brings Lenders in Compliance with new CFPB Integrated Disclosure Rule
- Indecomm – Mortgage U releases Integrated Disclosure Training Package in Microsoft Word® and Microsoft PowerPoint® documents
- TILA-RESPA training content is now available in a ‘build your own’ format
- Training solution is time-saving resource for compliance officers and training managers
Edison, NJ (December 9, 2014)—Indecomm – Mortgage U, a full service training company dedicated to the unique needs of the mortgage industry, has developed a new Integrated Disclosure Training Package that will save mortgage managers hundreds of hours in developing training content and training trainers. The Consumer Financial Protection Agency (CFPB) has promulgated rules integrating loan disclosures under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA). This was mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The rules have now been finalized and are contained in the integrated disclosures rule (the Rule).
Integrated disclosure project teams are faced with planning and implementing an overwhelming number of operational changes as mandated by the 1900 page Rule. Significant operational changes include the need to restructure the process and timing of re-disclosures, expand the final settlement statement review process and add efficiency to accommodate a new waiting period prior to closing. The Industry’s ability to effectively manage this change will have a measurable impact on consumers in the form of costs and interest rate lock pressure. The new TILA-RESPA Integrated Disclosure procedures and forms are effective August 1, 2015 with no ability for lenders to conduct a live testing phase.
Indecomm – Mortgage U understands the extensive and detailed needs of mortgage professionals facing this deadline and has developed training solutions to facilitate the industry’s compliance. Indecomm – Mortgage U provides compliance training by mortgage professionals for mortgage professionals using proven methodologies and processes that have been developed over the last twenty years. Training for the TILA-RESPA rules have merged into the Indecomm – Mortgage U library of mortgage training programs, which help professionals at all levels understand the new compliance rules in the context of existing conventions.
“We are especially proud of the work which Indecomm – Mortgage U has done on the TILA-RESPA training program,” said Rajan Nair, CEO, Financial Services, Indecomm Global Services. “It puts us at the forefront of the industry, helping us partner with our customers through yet another evolution of regulations.”
Indecomm – Mortgage U’s Integrated Disclosure Training Package for the TILA-RESPA Integrated Disclosure Rule includes three comprehensive modules which explain the regulations in simple, practical terms. The Microsoft Word® documents and PowerPoint® presentation provide an overview of the regulation and line by line details of the Loan Estimate and Closing Disclosure forms, reducing the complexity for the operations and sales teams on the front lines. The training package content can be customized by the lender and shared with other professionals in the client’s organization.
The Integrated Disclosure Training Package, which can be customized by compliance officers and training managers for their users, includes three manuals covering the following topics:
1) Integrated Disclosure Rule
2) The Loan Estimate
3) The Closing Disclosure
The instructor-guided learning package also includes:
- PowerPoint® presentations for each of the three curriculums
- Q&A support from the Indecomm – Mortgage U team of compliance experts
- Notifications if content is impacted by changes from the CFPB prior to the August 1, 2015 deadline
In addition to the instructor-guided training package, Indecomm – Mortgage U will have the same content available in its eLearning library. eLearning modules complement each of the three elements described above and aide industry partners needing blended learning solutions for the entire organization. Indecomm – Mortgage U’s TILA-RESPA Integrated Disclosures eLearning programs are a demonstration of the power of Indecomm’s Web-based online course authoring platform RapideL. RapideL allows users to create courses in Flash and HTML5 in four easy steps: Setup, Author & Review, Publish and Package. RapideL includes a rich template library and offers features like instant page preview, multiuser authoring, and online review.
About Indecomm Global Services
Indecomm offers consulting, outsourcing, learning, and technology solutions to our clients in the financial services, hi-tech, life sciences, education, and publishing verticals. We combine technology platform-driven outsourcing solutions with a flexible delivery model. Indecomm helps its clients improve profitability, gain time-to-market advantage, and achieve immediate return-on-investment.
With over 3,500 associates worldwide, Indecomm services its clients from global delivery centers and offices in the United States, Singapore, Malaysia, the United Kingdom, and India. For more information, visit www.indecomm.net. Indecomm is funded by leading global venture capital funds, including WestBridge Capital Partners, Tiger Global Management Private Equity, and the International Finance Corporation, a member of the World Bank Group. Contact Indecomm by email at firstname.lastname@example.org or call (732) 404-0081.
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About Indecomm Mortgage Services
Indecomm Mortgage Services is a trusted partner of top lenders and servicers, providing them with quality assurance, risk management, and loan fulfillment services. Indecomm’s title and settlement services platform-based solutions include title search and typing through iTitleHub™, post-closing through Dynamic Doc Hub™, eRecording through InteleDoc Direct™ and mail away recording supported by Indecomm’s recording website. Indecomm – Mortgage U is a close collaboration between Indecomm Mortgage Services and Indecomm Learning. The Indecomm – Mortgage U Health Check enables companies to ensure compliance with current regulations and anticipate the impact of new ones.
About Indecomm Learning
For over a decade, Indecomm Learning has partnered with business and governments across the globe to provide effective learning solutions. We identify the best solution for our clients through consultative engagement and have a track record of over 30,000 hours of learning content design, development, and deployment. Through our solutions, we strive to enhance the performance of an individual and the organization. Our work has been widely recognized by the 2013 Asian Quality Leadership Award and two Brandon Hall Excellence Awards, as well as by TrainingIndustry.com.
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