United Guaranty Insights
MI Disclosure Under TRID
By Elizabeth Collins, Deputy General Counsel and Senior Vice President
United Guaranty Corporation
Posted on June 30, 2015
A delay in the effective date of new TRID requirements gives lenders a little more time to prepare.
Prior to the Consumer Financial Protection Bureau's June 18 announcement of a delay in the effective date, TRID was set to go into effect on August 1. The announcement shifted the effective date to October 3, 2015.
To help lenders get ready for TRID—or the TILA/RESPA Integrated Disclosure rule—United Guaranty has published a helpful guide on Mortgage Insurance (MI) Disclosure Under TRID.
Available now from United Guaranty's TRID Resources page at no cost, the document provides an overview of MI disclosure with both Lender-Paid Mortgage Insurance (LPMI) and Borrower-Paid Mortgage Insurance (BPMI).
The seven-page document uses plain language to provide detailed explanations, including examples using graphics of the Projected Payments Chart on the new Loan Estimate (LE) form—with figures from typical examples.
For more information, visit ugcorp.com/TRID to view and print the PDF the document.
For other questions, contact your United Guaranty Sales Representative.
Elizabeth Collins is Deputy General Counsel and Senior Vice President. She joined United Guaranty's legal team just over three years ago and she is responsible for a number of legal and regulatory matters across the company, including Connective Mortgage Advisory Company, UGC's international businesses, UGC's IT O&S group, as well as a number of special projects. She also manages UGC's Contract Administration group which is responsible for the vast majority of the company's legal contracts. Elizabeth previously worked at two national law firms in their Consumer Banking/Capital Markets practice groups, where she advised financial services clients on a variety of regulatory, consumer compliance, and transactional matters. Elizabeth received a bachelor's degree from the University of Notre Dame and her J.D. from North Carolina Central University. She also holds an L.L.M. in Taxation from the University of Florida.
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