Navigating TILA-RESPA Disclosure rule
Latest Updates
  TRID Central

CD Prior to Final Approval Clear to Close - COMING SOON!

Originators will have the ability to request a CD once an Approved With Conditions status has been received provided certain requirements are met.

Requirements:

  • Loan must be in a Approved with Conditions status at least one time
  • Loan must be locked
  • Appraisal must have been reviewed and accepted by the underwriter
  • Mortgage insurance information must be completed by the underwriter
  • Certain underwriting conditions must be cleared. All required conditions prior to issuing a CD are designated with an * on the View Conditions page in Loantrac and the Commitment Letter
  • Product must be eligible

Closing must be confirmed after the loan reaches a Final Approval Clear to Close status and at least 48 hours prior to closing

A recorded training will be available soon. Stay tuned for more information.

Resending Electronic Consent Invitations and View Document(s) Emails. 09/16

Originators have the ability in the Disclosure Management module to resend emails to the borrower(s) to electronically consent and/or view documents in the event that emails were deleted or detected as SPAM. For information, refer to Memo #16097.


Enhanced Closing Request Screens. 07/16

The Closing Request Screens have been enhanced to require the input of more information than what was previously input to assist in expediting the closing process. For information, refer to Memo #16069.

Service Provider List (SPL). 03/16

When requesting an LE, originators have the ability to generate a LE and SPL with title fees from a provider of their choice. For information, refer to Memo #16023.

Electronic Delivery. 02/16

When a CD/Closing Services is requested, users have the ability to choose a closing date two days earlier provided that all borrowers required to receive the CD have electronically consented. For information, refer to Memo #16017.

Non Obligated Borrowers. 02/16

The Disclosure Management module was updated for originators to input the non obligated borrower(s) information to allow for electronic consent to occur earlier in the process. For information, refer to Memo #16017.

Disclosure Management Module - Advisories. 01/16

The Disclosure Management module displays advisories that are or have been applied to the loan for initial and/or redisclosed LE's. Users can also see a history of advisories that were on the loan. For information, refer to Memo #16011.

Disclosure Management Module - Disclosure Document History. 01/16

The Disclosure Management module displays detailed information regarding the document(s) sent to the borrower(s). Users have the ability to see the history of each dodument, who it was sent to, when it was sent and receievd for each borrower required to receive the document. For information, refer to Memo #16002.

CD/Closing Services Request. 01/16

The CD/Closing Services Request screen has been enhanced. The enhancements include the following:

  • Provide the non-obligated borrower information on the CD/Closing Services Request screen
  • Upload the ALTA Settlment Statement or similar directly on the page
  • Provide sellers information
  • Display and allow modifications to the loan officer detail that is initially entered in the Disclosure Management module
  • Enter vesting information
  • Provide the Real Estate Broker information (if applicable)
  • Texas Warranty Deed Indicator
  • Settlement agents will receive advisories when they are sent to the originator
  • Requirement to complete Fee Summary when requesting a CD/Closing Services Request

For information, refer to Memo #16002.

Intent to Proceed electronically. 11/15

Borrowers have the ability to electronically complete an Intent to Proceed after viewing the initial LE electronically on broker/table-funded correspondent transactions. Once the primary borrower acknowledges the Electronic Intent to Proceed (eITP), the Appraisal Management module becomes immediately available so that you can expedite ordering your appraisal.

Features include:

  • The borrower has the option to process their eITP at any time after reviewing the electronic LE
  • Reminder emails will be sent if a borrower does not initially respond once they view the LE
  • A Loan Event Alert notifies the originator when the borrower has submitted the eITP
  • The date of the eITP can be easily viewed in the Disclosure Management module.


Customizable TPO- Branded Consumer Portal. 11/15

This portal allows originators of broker/table-funded transactions to customize the view of the electronic delivery of documents such as LE, CD, and appraisals/valuations from Flagstar to the borrower. Now the borrower's portal page and emails sent directly to the borrower from Flagstar can be customized with your company branding.

Customization includes:

  • Your company logo, contact information, etc.
  • Links to website and social media pages
    (e.g., Facebook, Linkedin, Twitter, etc.)
  • Customized welcome message and color scheme

This approach clearly identifies the originator as the primary loan contact/expert. For information on customizing the TPO Branded Consumer Portal, please refer to the TPO-Branded Consumer Portal User Guide & Electronic Delivery Reference Guide, Doc. #2070.


Answers to your TILA-RESPA Integrated Disclosure rule (TRID) questions are only a few clicks away at TRID Central.

Browse through the various sections to view a wide range of materials, including announcements regarding TRID, Additional Resources, Industry News/Articles and Training Schedules. Flagstar's TRID Central is your single source for all of our TRID related information.

Click here for TRID Central


Webinar

TRID-Related Webinars

  • Brokers: Learn updates to Flagstar's
    system and procedures.
  • Correspondents: Learn about changes
    in loan delivery.

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Industry Resources

CFPB TILA-RESPA Integrated Disclosure Rule Implementation

CFPB Compliance Guide
CFPB Guide to Forms
Sample of Completed Loan Estimate
Sample of Completed Closing Disclosure
Sample of Written List of Providers


Contact the Flagstar Training Team for more information.

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