Bob Bennion and Bob Deville, Owners of Windermere Real Estate Southern California, recently held an all-agent office meeting at the Omni Rancho Las Palmas in Rancho Mirage to inform and educate their team of real estate experts on the upcoming Consumer Financial Protection Bureau (CFPB) changes to the real estate industry. This critical meeting included a panel discussion about the implementation of the TILA-RESPA Integrated Disclosure (TRID), groundbreaking industry regulations taking effect October 1, 2015. Keynote speaker William D. Burding, Vice President and General Council with Orange Coast Title and a member of the American Land Title Association (ALTA) Board of Governors, along with Windermere Real Estate Southern California General Counsel Robert Sunderland of Sunderland | McCutchan, LLP; Scott Akerley, President of CV Escrow; and Walter Neil, President and CEO, and Julie Ortega, Compliance Officer, of Franklin Loan Center, addressed the audience to answer questions and provide details on the looming changes.
The TRID will replace, in most residential real estate transactions, the HUD-1, TIL, and GFE forms with two new forms while providing consumers with more transparency in regard to financial terms of the deal, available loan options, and add additional time to review and evaluate the details of the transaction. The new documents include a three-page Loan Estimate, to be provided by the lender or mortgage broker, and a five-page Closing Disclosure, to be provided by the lender or a combination of the lender and settlement agent. The presentation by William Burding covered these changes and reviewed modifications to terminology, procedures, and the timing of each step within the process.
“This is the largest change to the real estate industry since 1974 when RESPA (Real Estate Settlement Procedures Act) was put in place,” says William Burding. “We need to adapt to this new paradigm and look at it as an opportunity for growth. Your group, by putting on this event, shows the commitment, dedication, and proactive approach to educating yourselves so you can aggressively adapt and become proficient with the new rules, regulations, and procedures. I am confident that you will not only find success, but you will lead the way.”
Bennion and Deville are staunch believers in staying ahead of the curve on all facets of the real estate business, and are proud to put on educational events to bring agents, managers, and staff up to speed on changes to industry standards and regulations. “It is critical to your success as a real estate professional to stay educated and informed,” says Bob Deville. “We want to see each of you flourish. By providing the best tools, support staff, and educational advancement opportunities available, we are putting you in a position to maximize your abilities and continue to climb to new heights in the real estate industry.”Next Post Previous Post