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We have been preparing for the new rules and the new Closing Disclosure — the Company has provided a plethora of resources and tools on the topic to ensure our settlement agents are up to speed:

1.Provided live hands–on training on the proposed rules throughout 2013, 2014 and 2015 at the on–site events, and virtual hands–on training via the webcast events.
2.Launched four Web–based training modules dedicated to the Closing Disclosure, posted on the Escrow Administration page of the Company's intranet that can viewed 24/7 and as many times as the employee likes.
3.Issued Tech Memo 159–2013 CFPB — New Forms, New Rules to inform settlement agents of the new rules and introduce them to the new forms.
4.Issued Tech Memo 161–2014 Closing Disclosure Title — Owner's Title Insurance (optional) to provide settlement agents and sales representatives with talking points on the value of title insurance in an effort to combat the fact the new forms will disclose the Owner's Title Policy as "optional." The memo also provides a policy and procedure for buyers who chose to waive the purchase of an owner's title policy.
5.Published Escrow Tech Memo 164–2015 Calculating and disclosing the title policy premiums on the Loan Estimate and Closing Disclosure.
6.Issued Escrow Tech Memo 165–2015 Proper Delivery of the Closing Disclosure which provides timing examples for the delivery period, waiting period, consummation and disbursement.
7.Every issue of Fraud Insights published in 2015 included an article about the new rules. The articles assisted in educating employees, and have also been shared with customers to assist them in becoming familiar with the new rules.
8.Deployed an email containing a 3–5 minute video about the new rules, starting in January 2015. Each month one video was distributed until July 2015, when the distribution was increased to once each week in anticipation of the implementation deadline of October 3, 2015. The videos can be forwarded on by the recipient to customers to educate them.
9.Updated the online rate calculator located at http://rates.fntg.com to ensure our customers can obtain rate quotes for preparation of the Loan Estimate and Closing Disclosure reflecting the calculated title premiums based on the new rules.
10.Developed and branded Marketing materials that can be accessed on the Company's intranet. These are designed for employees to use to introduce customers to the new rules and new forms. They can be found here: https://home.fnf.com/Marketing/rlc/index.asp
11.Updated and tested Escrow production systems and deployed new builds enabling all offices to produce the Closing Disclosure when necessary.
12.Provided sample transactions to our settlement agents to work up both refinance and purchase money loan transactions to build proficiency before having to work on a live transaction.
13.Providing twenty–four hour access to the Company's Escrow Administrators for questions and issues that arise from the new Closing Disclosure.

We are ready to tackle the changes and close residential loan transactions using the Closing Disclosure and meeting the new timing requirements.

 

 

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