Phillip Schulman, a partner at K&L Gates, LLP, will explain the background of the Truth-in-Lending Act Real Estate Settlement Procedures Act Integrated Disclosure (TRID) forms and regulations at the 2015 National Settlement Services Summit (NS3) in Atlanta, June 8-10.
During his session, Schulman also will discuss the key focuses for lenders and title agents, legal issues affecting implementation and will give a walkthrough of the more challenging aspects of the forms. He says he will give highlights, focusing on the ultimate effects of the changes, especially as the implementation date approaches.
“We’re 90 days from the date, and these rules will substantially change the landscape for lenders, title agents and real estate brokers really every settlement service provider, and I think the stress is mounting,” Schulman said.
Adding to that stress are the rumors that some software may not be ready for the Aug. 1 date, leaving many lenders scrambling to find new providers.
“A lot of lenders were hoping that the software service providers would bail them out,” Schulman said “but I think they’re finding that that’s not going to be the case and a number of lenders, title agents and the like feel unprepared.”
The cure for unpreparedness, though, is education, which Schulman and others will be offering aplenty at NS3.
Senior Vice President and Agency Manager at WFG National Title Insurance Co. Charles Cain and Managing Attorney at Sterbcow Law Group Marx Sterbcow will discuss advanced-level vendor management-related issues in one session. Marketing agreements and affiliated business arrangements also will be a hot topic in a session led by Jeff Arouh, partner at McLaughlin &Stern, LLP, and Mitchel Kider, chairman and managing partner at Weiner Brodsky Kider PC.
Two other noted attorneys, Loretta Salzano, a shareholder at Franzén and Salzano, P.C., and Francis Riley, III, a partner at Saul Ewing, LLP, will explore issues related to CFPB enforcement and regulatory touchpoints to help agents understand the authority various regulators have over their activities and how to stay compliant.
As one of the country’s most respected and recognized RESPA attorneys, Schulman is a frequent contributor to RESPA News, The Dodd-Frank Update and The Legal Description and has been a favorite speaker at NS3. His national practice focuses on real estate finance and mortgage banking and he specializes in RESPA, TILA and administrative and regulatory compliance matters.
“I’m going to cover the top takeaways in this massive 18,000-page rule. I will give the highlights but try to focus on how these changes will affect title companies closing agents and lenders as we embark on this new adventure starting Aug. 1,” he said.
In his practice, he represents mortgage lending, title insurance and real estate companies with administrative and regulatory compliance issues, governmental audits, investigations and enforcement proceedings. He also develops and analyzes proposed business plans, drafts related agreements and disclosures based upon applicable federal and state laws, regulations and rules and assists in litigation involving consumer class action lawsuits and commercial claims.
Before joining K&L Gates, Shulman was general counsel to the Home Improvement Lenders Association, and was assistant general counsel of the Inspector General and Administrative Proceedings Division, U.S. Department of Housing and Urban Development.
To get more information on the 2015 National Settlement Services Summit in Atlanta June 8-10, including the agenda and a list of speakers, click here. You can register for NS3 online or click here to get information on how to register via mail, fax or phone.