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Course description

The Bureau’s 2017 revision of the Regulation Z TRID rules resolved a lot of problems that lenders were having providing Loan Estimates and Closing Disclosures that conformed to the rules. The changes were effective on October 10, 2017, but compliance isn’t mandatory until October 1, 2018. Have the changes been made in your institution’s loan origination software and procedures?


The updates are as beneficial to lenders as they are to consumers. They clear up major questions about disclosing construction loans, provide more flexibility in the Cash to Close table, and address a lot of other challenges lenders experienced under the old requirements.


The Bureau has also made changes effective June 1, 2018, that affect the use of revised Loan Estimates, or a Closing Disclosure (initial or revised) to disclose certain closing costs changes occurring at or around the time for Closing Disclosures.


In this webinar, John will focus on completion of the Loan Estimate. He’ll review the basics on timing requirements and other unchanged parts of the Loan Estimate rules, and focus on changes that clarify rules on providing revised or updated loan estimates, and the Bureau’s blessing on “informational loan estimates.”


The Bureau's considerable updates to Appendix D and the disclosure of construction loans and their impact on the Loan Estimate will also be discussed. 

You'll hear about:

  • The addition of coverage for cooperative units
  • When to include an expiration date and time in the Rate Lock disclosure at the top of page 1 of the Loan estimate, and when to omit it.
  • Proper completion of the estimated property value
  • Disclosing the loan term for a construction loan
  • Clarifying the Loan Purpose disclosure
  • Which rate and payment amount to disclose for an ARM
  • Completion of the Estimated Taxes, Insurance & Assessments escrow response
  • Simultaneous subordinate financing
  • Disclosing construction loan inspection and handling fees
  • Changes in the math instructions for the Calculating Cash to Close table
  • Disclosing seller credits
  • The risks in disclosing lender credits
  • Calculating the TIP
  • The new, more sensible, rules on rounding and decimal places
  • Revised comment App D-7

Instructor(s)

John Burnett

John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from ABA's Stonier Graduate School of Banking, and is also a graduate of the BAIs and the Massachusetts Banker Associations Schools of Banking.John began his banking career in high school when he started as a teller at a $15 million bank that didn't have account numbers for its checking accounts (he says they actually filed by signature!) He joined Cape Cod Bank and Trust Company in 1971 and assumed the position of Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company. John joined Glia Group, Inc. and the BankersOnline.com team in June, 2004. He is a frequent presenter of BOL Learning Connect webinars, and at BOL Conferences events.He was a member of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and a former member of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force as Regulation DD was being written, and has served on several ABA and Massachusetts Bankers seminar panels.

Course curriculum

  • 1

    Video

    • The Loan Estimate: New Rules
  • 2

    Materials

    • Materials

    • Slides

    • Webinar Q & A Document