Let’s start with the hard, obvious truth: The TILA-RESPA rule is effective on August 1, 2015.
What this really means is that your business will need to change well before that date in order to be ready to comply with the new regulations. After 40 years of complying with the existing rules, we now have to evolve as an industry and learn how we’re supposed to do business all over again.
So, are you ready? Do you know what’s involved in preparing your business for these changes? Have you measured the challenges your organization will face in order to be compliant on August 1, 2015? Do you know where to go in order to understand what the changes are, and how they’ll impact your business?
If you just froze in trying to answer those questions, welcome to this blog – the Closing Call. This blog will be a powerful, efficient resource that you can reference as we begin to understand the next level that our industry is expected to perform at.
Each weekday, we’ll break down a portion of the TILA-RESPA rule to help you understand what is expected for your business to comply, and how it impacts you. In addition to framing out the challenges, you’ll also learn about solutions that will not only help you overcome them, but even help your business get to a new level of interaction and efficiency. Then every Monday, we’ll recap the prior week to review the topics we discussed, and keep things fresh in your mind as we move forward with a new week’s worth of topics.
As we share this information, don’t sit on the sidelines – get involved with comments or questions! We know there will be various levels of knowledge and participation, but the more you get involved in the conversation, the more everyone benefits from a better understanding of what’s expected of us all.
This week, we’ll be discussing effective dates, record retention, coverage and more. Be sure to visit tomorrow to find out more!
For more information on the impact to the industry and how technology solutions can help your business mitigate them, visit the TilaRespa Knowledge Center.
All information and views expressed or implied are provided without warranty and are only the opinion of Pavaso, Inc. Each participant should seek legal representation for legal interpretation of the ruling and the CFPB directly for final instruction and interpretation. The final rule can be found here.
