Closing Disclosure Page 5

Working with 2015 RESPA-TILA Regulations 

2015 RESPA-TILA Workflow 

The Closing Disclosure input forms (pages 1-5) enable you to review, edit, or enter information that is populated to the Closing Disclosure output form that is provided to the borrower at least three business days prior to consummation. Use the Closing Disclosure Page 5 input form to review important loan calculation figures, review and edit information about whether state law protects the borrower from liability for the unpaid balance of the loan, and review and edit important contact information for the loan. This form is used to populate page 5 of the Closing Disclosure output form.

Loan Calculations

The Loan Calculations section displays the Total of Payments, the Finance Charge, the Amount Financed, the Annual Percentage Rate (APR), and the Total Interest Percentage (TIP) values that will be disclosed to the borrower in the Closing Disclosure. Click the Lock icons to edit the fields.

Other Disclosures

Use the Other Disclosures section to select an option to indicate whether state law protects the borrower from liability for the unpaid balance of the loan in the event of foreclosure. Only one of these options can be selected.

Contact Information

The Contact Details section displays contact information for the Lender, Mortgage Broker, Real Estate Broker (for the buyer and seller), and Settlement Agent. This information is populated from the File Contacts tool, but changes can be made to the contact information on the Closing Disclosure - Page 5 without changing the information in the File Contacts tool.

Copy contact information from the 1003

• In the Lender section, click the Copy From 1003 button to populate the fields in the Lender section with data from the 1003. Future updates of the 1003 are not copied to these fields.

Add contact information from your business contacts

Add Mortgage Broker contact information from the External Company Setup setting

1. In the Mortgage Broker section, click the Find icon (Magnifying Glass) to populate contact information from the External Company Setup settings.

2. When the Search for Loan Officer window opens, click the Find icon to select a Company.

3. Click the Find icon to select a Branch, if appropriate.

4. Select a Loan Officer from the dropdown list, and then click OK.