[1]Arch Mortgage Insurance Company [2], a private mortgage insurance provider and a wholly owned subsidiary of Arch Capital Group Ltd [3]., recently announced the launch of a new online resource that will provide information and resources to lenders to help them prepare for the expected October 3, 2015 launch of the Consumer Financial Protection Bureau [4]’s (CFPB) TILA-RESPA Integrated Disclosure [5] (TRID) rule.
“Our goal is to provide our customers with clarity on how mortgage insurance will be treated under TRID and how and where to disclose this information,” said Chris Hovey, EVP and chief operations officer at Arch MI.
According to the company, Arch MI’s TRID Information Center [6] is a unique repository of information for lenders including a webinar, FAQs, resources, and links. The database was created in conjunction with Benjamin K. Olson, a partner at the Buckley Sandler law firm. Olson is a former deputy assistant director of the CFPB’s Office of Regulations, who led the Bureau’s development of the proposed rules and forms integrating TILA and RESPA disclosures.
Olson will host a proprietary webinar as part of Arch's TRID education and will deliver his expert opinion on mortgage insurance, tolerances under TRID, and corresponding lender disclosure responsibilities.
“The TRID rules will have a transformative effect on the mortgage origination process for consumers and industry,” Mr. Olson said. “Although the rules can be dauntingly complex, they also offer a unique opportunity for lenders and service providers who can master their intricacies.”
Arch Capital Group Ltd.’s U.S. mortgage insurance operation, Arch MI, is a leading provider of private insurance covering mortgage credit risk. Headquartered in Walnut Creek, CA, Arch MI's mission is to protect lenders against credit risk, while extending the possibility of responsible homeownership to qualified borrowers. Arch MI’s flagship mortgage insurer, Arch Mortgage Insurance Company, is licensed to write mortgage insurance in all 50 states, the District of Columbia and Puerto Rico.