Best Practices Compliant
Best Practices Compliant
How we keep you & your clients information safe
Rainier Title is ALTA Best Practices Compliant!
As a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act the Consumer Financial Protection Bureau (CFPB) was created. The CFPB in turn place liability on any lending institution for the actions of any third party providers including settlement agents. In response to these rules and regulations The American Land Title Association (ALTA) has developed standards known as
“ALTA Best Practices.” Rainier Title, LLC is pleased to announce our compliance
with these Practices and Procedures!
Rainier Title Uses Encrypted Email to Secure all
Non-Public Personal Information.
Will you see a difference in the way you receive an email?
Most of the time your encrypted E-Mail will be delivered just as your regular E-Mail is delivered. However, if a recipient’s E-Mail provider does not support TLS (Transport Layer Security), they will receive an E-Mail to pick up the encrypted message in a portal. Yahoo, Hotmail, Go Daddy, Comcast & Verizon are just a few of the larger E-Mail providers who do not support TLS.
How does the portal work?
The first time a recipient receives an encrypted E-Mail, they will receive a notification email to sign into the portal to retrieve their message. They will click the link and type in the activation code. After they enter in the activation code they will create their own unique password. This step only occurs once.
Subsequent E-Mails to the same recipient require the recipient to click on the link in the email and enter in their password.
Encrypted E-Mails are available in the portal for 30 days for retrieval, after which time they expire. The recipient will receive reminder emails to pick up the encrypted message before it expires.
For more help on how to use the portal
Click here >
For assistance with encryption email please
email or call 888-828-0018.
What is TRID?
TRID is The New TILA RESPA Integrated Disclosures. Sections 1098 and 1100A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) directs the Consumer Financial Protection Bureau (CFPB)to publish rules and forms that combine certain disclosures that consumers receive in connection with applying for and closing on a mortgage loan under the Truth in Lending Act (Regulation Z) and the Real Estate Settlement Procedures Act (Regulation X).
The current Truth-in-Lending disclosure & Good Faith Estimate will be replaced with the new Loan Estimate for most closed-end mortgage loans. While the final Truth-in-Lending disclosure & HUD-1 Settlement Statement will be replaced by the new Closing Disclosure for most closed-end mortgage loans.
What closed-end mortgage loans are excluded from TRID?
- Open-end credit (HELOCs)
- Reverse mortgage
- Mortgage secured by a dwelling that is not real property
(i.e., mobile home, house boat) - Commercial property, usually more than 1 to 4 residential dwelling unit(s)
- Lenders who made five or fewer mortgage loans in the preceding calendar year (unless they made more than one Home Ownership and Equity Protection Act [HOEPA] loan in any 12-month period)
What is the effective date of TRID?
Originally the CFPB set the effective date to August 1st, 2015. They have now proposed to delay the effective date to Oct. 3rd 2015. The final rule applies to transactions for which the creditor or mortgage broker receives an application
on or after that date.
Can I use the new disclosure forms before the effective date?
No. Use of the forms prior to the effective date is prohibited.
What is the definition of a business per TRID?
There are two different definitions of a business day for TRID.
- In regards to the loan estimate a business day is defined as all calendar days on which the creditor’s office are open to the public for carrying out substantially all of its business functions
- In regards to the closing disclosure and business day is defined as all calendar days except Sundays and the legal public holidays specified in 5 U.S.C. 6103(a)
What are the new timing requirements of TRID?
Each new form has different timing requirements. The lending institution is responsible to provide the consumer with the loan estimate no later than 3 business days from receipt of application. The loan application must be delivered no later than 7 business days prior to consummation of the loan. While the closing disclosure must be delivered to the consumer no later than three business days prior to consummation.
Where can I find more information?
Only the rule and its Official Interpretations can provide complete and definitive information regarding requirements. For the complete rule and other materials
about the final rule.