Integrated Mortgage Disclosure
The Dodd-Frank Act requires the Consumer Finance Protection Bureau (CFPB) to combine the Truth in Lending Act and Real Estate Settlement Procedures Act disclosures. Borrowers receive these disclosures shortly after they apply for a mortgage and shortly before they close on the mortgage. CFPB has engaged the industry players who will actually use the new Integrated Mortgage Disclosure forms—consumers, lenders, mortgage brokers, settlement agents—in helping to combine and improve them. The new Integrated Mortgage Disclosures are easier to understand to borrowers than the existing HUD-1, GFE and TIL documents; however this is a major paradigm shift for the industry as a whole.
Due to CFPB’s effort in creating the Integrated Mortgage Disclosure regulation and forms; efforts by the Mortgage Industry Standard Maintenance Organization (MISMO) Origination Workgroup developed a dataset to support the Loan Estimate. Similarly; Freddie Mac and Fannie Mae (the GSEs) was also tasked through their regulator, FHFA, to create and publish the Uniform Closing Dataset’s (UCD) mapping document, “Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model” to support the Closing Disclosure.
Due to CFPB’s effort in creating the Integrated Mortgage Disclosure regulation and forms; efforts by the Mortgage Industry Standard Maintenance Organization (MISMO) Origination Workgroup developed a dataset to support the Loan Estimate. Similarly; Freddie Mac and Fannie Mae (the GSEs) was also tasked through their regulator, FHFA, to create and publish the Uniform Closing Dataset’s (UCD) mapping document, “Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model” to support the Closing Disclosure.
Actualize Experience
Actualize Consulting resources supported both dataset efforts through consulting engagements with the GSEs and through volunteer engagement with the MISMO working groups to vet the regulation, craft the data sets and publish to the industry.
Because our resources have hands on experience with the regulation, CFPB and the lead industry players, our skills can provide your organization with the knowledge to:
Because our resources have hands on experience with the regulation, CFPB and the lead industry players, our skills can provide your organization with the knowledge to:
- Understand the Regulation nuances
- Understand the forms and the associated dynamics
- Understand the accompanying data sets (Loan Estimate and Uniform Closing Dataset) that include: MISMO XPATH, Data Points, Conditionality, Cardinality, Creating and consuming the XML Messages
- Provide architectural guidance and products (TransformX) to support integration with your counterparties (i.e. Lenders, Vendors and Settlement Companies)
- Closing Disclosure and Loan Estimate in excel format forms with VB and rules embedded to conduct the calculations and tab in the appropriate order to fill out each form, conforms to the CFPB format.
