the amcap connection - AmCap Mortgage, LTD.

THE AMCAP CONNECTION
KEEPING YOU IN THE KNOW AS AN AMCAP INSIDER.
CENTER
FRONT
Forward
As I was putting the final touches on this article, the CFPB
posted a press release on its webpage announcing that, due
to a clerical oversight, the new rule changes collectively
known as TRID could not go into effect as planned on
August 1. Instead, the Bureau has announced that it plans
to revise the rules so that all changes will start effective
October 1, 2015.
Except for the start date, nothing else is anticipated to
change, and the nature of this particular change makes
it unlikely that there will be any further postponements.
However, this is a positive outcome, since AmCap and its
partners were already prepared to be ready for the original
August 1 launch date. We anticipate using the additional
two months to make sure that all of our systems are
performing at their optimum and that all employees are
fully prepared and trained for the switch in October. As
part of that plan, I will be taking your questions on TRID, to
be answered in future newsletters, as well as bringing you
more information as it becomes available.
Meet the New Forms, Same as the Old Forms
As I began discussing in last month’s article, starting in
October 2015, new regulations imposed as part of the
Dodd-Frank Reform Act of 2010 will go into effect and
require lenders to change the forms used for the majority
of mortgage transactions. This change has become
widely referred to as TRID, for TILA-RESPA Integrated
Disclosures, after the laws that require these disclosures to
be made.
Starting with loan applications received on or after
October 1, the GFE and TIL forms, which were required to
be disclosed to the applicant within three days of receiving
the application, will be replaced with a single form called
the Loan Estimate. When these transactions reach the
closing table, instead of final TIL and HUD disclosure
forms, the borrower will receive a single document called
the Closing Disclosure.
OK, OK, so the new disclosure forms don’t really look
like the old ones, but they do contain basically the same
information as the old forms. Furthermore, the government
actually spent a lot of time working with industry
professionals and consumers on the design of the new
disclosure forms to make sure they are straightforward and
provide important information, while remaining concise
and manageable. The organization of the new forms is easy
to follow, with critical information prominently placed on
the first page and less important information on subsequent
pages. Another feature is their similarity: hold up a Loan
Estimate and Closing Disclosure side-by-side and you’ll
immediately notice their resemblance to one another. This
means that, more than before, it is possible to compare
information that was provided on the initial disclosure
against the final figures on the final disclosure.
Another benefit of the integrated forms is just that…they
are integrated. Changes to fees will no longer be disclosed
on one document while the interest rate changes that
result are reported on a separate form. Consumers will
be spared from receiving multiple document disclosures
and trying to manage many forms when comparing
changes. It’s easier on the professionals as well, since the
unified form means there is only one document to keep
track of for redisclosure purposes, and you won’t have to
independently manage whether changes to one disclosure
trigger a redisclosure of another.
PAPER
PEN
A Letter From Our CEO
Henry Ford explained, “Coming together is a beginning;
keeping together is progress; working together is success.”
I especially love this quote because it so clearly describes
the everyday existence of the hardworking business
person. Now that we are approaching our 8th birthday as a
corporation and have a fantastic team of people, we need
to keep reaching for our next goal. From the corporate
leadership level, please be assured that we are constantly
striving to improve our company on various levels.
For example, we are always looking to enhance strategic
alliances with key partners. Currently, we are exploring
options with an insurance partner to provide every
employee with a life insurance policy free of charge.
Additionally, through our partnership with Clayton &
Ramirez Law, AmCap employees can now have a simple
will drawn up for free to assist with your estate planning.
We are also aggressively pursuing other acquisitions
at all times. At every MBA conference, our schedule is
packed with other companies continually asking the same
questions: “What are you guys doing?” and “How can we
be a part of it?”
Finally, we are always interested in expanding our brand
and reputation in the communities around us. This month,
we signed an exciting advertising contract with CultureMap,
a digital online magazine. This online digital magazine
receives more than 715,000 unique visitors per month
from the Houston area alone. Real estate content is of high
interest to CultureMap visitors, especially due to recent
articles about Houston’s strong real estate market and new
home starts topping the nation. Look for AmCap as the
sponsor of the City Life section beginning next month.
JULY 2015
TRID PART II
− by Chris Baker, AmCap Compliance Counsel
The forms themselves are comprised of too many elements
for me to discuss here, but you can find examples of
sample transactions turned into forms on the CFPB’s
website. Instead, I’m going to cover a few of the major
new features that you can find when you begin dealing
with these documents:
Dynamic Compositing
Perhaps the most notable feature of these new forms is
that they are not actually forms in the traditional sense,
but data blocks of information that are assembled together
based upon the necessary characteristics of the loan. This
means that when a loan is set up as a purchase transaction,
there will be fields and columns for seller items, but if it is
a refinance transaction those fields will not appear. Instead,
payoff tables will be shown reflecting the single-party
nature of the transaction. Because there is not a set ‘form’
that exists outside of an example or an actual transaction,
there is not a fixed, immutable structure that will appear
on every Loan Estimate or Closing Disclosure. If a loan
has an adjustable rate, tables reflecting those terms will
appear. If the loan has varying payments due to adjusted
payment terms or APR, then columns that don’t appear
for fixed-rate loans will be added to certain tables. More
noticeably, refinance transactions won’t have seller sections
but instead have portions that are dedicated to listing payoff
amounts and recipients. The net result is that an actual
Loan Estimate or Closing Disclosure should not contain
information that is irrelevant to the transaction. You will no
longer encounter lines or tables asking for information that
does not apply to that particular loan.
Alphabetic Organization
In keeping with the dynamic nature of the new disclosure’s
construction, another big change is the elimination of line
numbers, most familiar from the HUD-1 form. Instead,
fees are grouped into one of several tables, depending
upon the type and treatment of that fee, and then sorted
into alphabetical order for ease of reference. The downside
of this particular setup is that fees are prone to moving
from place to place on the form at different stages of
the transaction rather than always being found in one
designated line.
Increased Specificity and Itemization
The old disclosures were often subject to consolidation
of fees, where several items might be rolled up into a
single line for the disclosure. On the new disclosure forms,
itemization of fees is preferred, and consolidation is rare,
used only for specific items such as identified insurance
premium payments listed in the monthly payment table.
The purpose of itemization is to provide the consumer with
a clearer picture of all the costs that they are paying and a
more precise idea of the price for each item.
Organized Information
When developing the forms, the Bureau spent a lot of time
with consumers to identify the data that was most useful
and relevant. The result is a collection of disclosure forms
that prioritize the information that they consider most
important at the beginning, and include less-important
information at the end. The goal for the developers was a
“one-sheet” of the most important mortgage terms that
consumers can use to compare different loans between
lenders. A side result of this development is a set of forms
that present information more organically, clearly and
concisely than in prior iterations. This will, hopefully, make
the forms easier to review as well as understand.
So, that is a brief peek at some of the major changes that lie
ahead for future mortgage transactions. There is still much
more to discuss, though, so look for additional information
in future newsletters.
You’re
PEANUTS
CRACKER JACKS
Invited!
Let’s come together for a day of celebrating family, friends
and America’s pastime with an AmCap family outing to the
Sugar Land Skeeters Minor League Ball Park. We’ll enjoy
exclusive access to the park’s picnic area, complete with a
pool, splash pad and playground. Arrive for the start of the
game to see the first pitch being thrown by our own AmCap
CEO, Garrett Clayton. Then, be sure to stick around for an
unforgettable fireworks show after the game!
Admission is FREE, but please bring a jar each of
peanut butter & jelly to donate to CEO P. Garrett
Clayton’s favorite hometown charity, Tomball Emergency
Assistance Ministry (TEAM). Your contribution will help feed
hungry kids this summer.
AmCap Family Night at the Ballpark
Evening of July 24
Sugar Land Skeeters Minor League Ballpark
1 Stadium Drive
Sugar Land, Texas 77498
BRAND YOUR SOCIAL
MEDIA PAGES
Facebook and LinkedIn
cover photos are now
available as a free download
in the AmCap Print Shop!
ACCESS THE AMCAP PRINT SHOP
With eye-catching design and purposeful messaging, our
most popular marketing materials are now available to
customize and order online.
CLIENT SIGN-OFF
AMCAP
Facebook
Client: ____________________
Project: ___________________
Final Size: _________________
6.11.15
Comp Date: ______________
This comp is for your approval. Proofreading is the responsibility of the client (spelling,
content and composition). To approve, please check the appropriate response, sign, date and
send the page back to DAW. Changes made after approval may incur additional charges and
schedule adjustments. If you choose digital printing, electronic distribution or use a nonrecommended printer, DAW does not guarantee an exact color match to a Pantone® color,
to a color proof, to an onscreen proof or to any previously printed job. Any proof seen
onscreen is not an exact color match to how the color may appear on alternate screens.
DAW is not responsible for any printing errors as a result of using a non-recommended
printer. Also, DAW submits all print jobs using Macintosh software only.
Please indicate if this proof is: ❍ approved as is
As we all celebrate the successes of the last 8 years, I
encourage you to refocus your energy and implement
Henry Ford’s idea in your work ethic, that by “working
together” we can all achieve “success.”
❍ revise as noted
IMAGES
When approved, please indicate
that you would like:
_________ = ________
❍ an electronic proof from printer
❍ to attend a press check
Client Initial: ____________
Client Initial: _________________
Quantity
(new proof will be required for final approval)
Client Signature: ___________________________________ Approval Date: ______________
PRINTER PROOFS
Only Camdon Graphics & Imageset
This comp contains stock
image(s) that have not been
approved for purchase. Upon
approval you will be charged
the following:
Total Cost
❍ DAW to review final proof on
client’s behalf
❍ a hard proof from printer
(additional cost may apply)
The print shop can be accessed using the unique URL
www.myamcap.com/printshop and entering the username
and password listed below. Since these materials are meant
for use by AmCap employees only, we ask that you keep
this access information private.
Username: amcapinternal
VISIT THE PRINT SHOP
Password: amcaponly
P. Garrett Clayton
TRAIN
& GAIN
AmCap Training Summit: TRID Changes
The AmCap Training Summits offer an opportunity for
executive managers and key personnel from each AmCap
division to convene and discuss events and changes
affecting the mortgage industry. Topics range from the
Selling Guide (in January) to compliance topics (in April),
with the most recent Summit focusing on the now
ubiquitous TRID.
The Summits allow everyone to bring their experiences,
and we get different perspectives that we might not have
gotten if we were only involving a few managers. Everyone
has a voice, which not only improves our understanding of
the issues at hand, but also helps unite all of our divisions
and branches. Those who attend the Summit can then
bring back the insights from the event to help make
improvements throughout their divisions.
While we gain valuable knowledge and develop proactive
strategies for tackling upcoming challenges during these
Summits, we wouldn’t be AmCap if we didn’t mix in a little
fun! This past Summit featured a friendly game of laser tag
that put everyone in touch with their competitive sides.
Stay tuned for more information from the next Summit,
which will be hosted by our Major Mortgage division in
Colorado this December or January.
No Train, No Gain. No Guts, No Glory.
Members of the AmCap team took a break from TRID training
to participate in a game of laser tag before getting back to
business learning the latest updates.
JOIN US FOR AMCAP’S 8TH BIRTHDAY PARTY
PARTY LIKE IT’S OUR BIRTHDAY!
Monday, July 13
Studio Movie Grill City Centre
WE ARE TURNING 8, AND IT’S
TIME TO CELEBRATE!
At AmCap, we are more than a
company — we are family. We would
love for you all to help us mark this
birthday milestone. Feel free to bring
a date, friend or spouse, just not the
kids. No “earmuffs” provided (and if
you don’t get the reference you
really need to see this movie).
822 Town & Country Blvd.
6:30 p.m. Appetizers & Cake
7 p.m. Movie Show Time
Dinner and drinks available for purchase during the show.
Kindly RSVP by Friday, July 10.
Your tickets will be emailed to you.
PART OF SOMETHING
GREATER
Operation Pup Rescue!
On June 5, thanks to the tireless efforts of AmCap’s
Kate Smargiasso and the generosity of Garrett Clayton,
twelve dogs were transported from overcrowded
Houston shelters to a no-kill Humane Society in
Michigan. We’re proud to share that six of the
twelve dogs were adopted within one week of being
transported to Michigan, some of whom have been in
Houston shelters upwards of six months and still others
having lived in shelters for more than a year. We know
the other dogs will be adopted shortly.
It’s endeavors like these initiated by Kate that make
AmCap a great place to work and a great place to give
back. As Garrett said when Kate approached him with
this opportunity, “AmCap charity isn’t just for humans.”
ABOVE
RSVP
BEYOND
A Dog-gone Great Ending
Prior to her large-scale rescue mission of twelve lucky pups,
Kate Smargiasso took in two foster dogs, Pooch and Marvin,
who were previously cell mates at the Houston Humane
Society for almost a year and a half. She put them through
heartworm treatment at her own expense and cared for them
for eight months before flying them to the Michigan shelter. “I
can’t tell you how hard it was to let them go, but I knew in my
heart that’s what was meant to happen. And if we had adopted
them ourselves, we couldn’t continue to help more dogs since
we wouldn’t have space to foster anymore,” Kate said.
Pooch and Marvin were on the adoption floor in Michigan for
two weeks before being adopted together by a lovely retired
couple, who even called Kate to tell her how much they love
the two dogs.
Congratulations Pooch and Marvin on your new home,
and thank you Kate for making the difference in these
two dogs’ lives!
THE PRIDE OF AMCAP
One Veteran’s Story
of An AmCap L.O.
Going the Extra Mile
When Thomas Norman
contacted Kim Jones,
an AmCap Corporate
loan officer, his hopes of
securing a loan were all
but lost. Here’s how Kim
helped him find his way
into his new home, in
Thomas’s own words.
Waltrip Football Booster Club
Congratulations to Brandi
Barney and her successful
efforts to raise money
for the Waltrip Football
Booster Club. Thanks to
her dedication, her group
of volunteers raised over
$10,000 to provide much
needed equipment for next
year’s team. Added thanks
go to Chris Parrish of the
AmCap Hope Tree division, who donated all the bottled
water for the day to keep the golfers well-hydrated.
The 3rd Annual Keller Williams Premier
5K Run/Walk
On May 30, AmCap
Premier sponsored the
The 3rd Annual Keller
Williams Premier 5K
Run/Walk. Proceeds
will benefit Cinco
Charities, a non-profit
organization dedicated
to providing temporary
housing for patients
who are receiving
treatment in the West Houston/Katy area for serious
medical conditions.
CHECK OUT THE VIDEO!
“I recently bought a home thanks to Kim. I did not think I
would qualify. Recently divorced, already have a VA loan
that is now an investment property, my credit score took
a dive to the low/mid 700’s from a previous score of over
800 thanks to the divorce. I was in debt up to my neck.
I had checked around and was told repeatedly that I could
not qualify until I got rid of the first VA loan, got my debt
down and got my credit score up. I had given up. Then
I called Kim on a reference, just to query about what I
must do to qualify. She called back within 24 hours and
told me that she had just qualified me!”
READ MORE
&
TIPS
TRICKS
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The 1st Annual Taste of
New Orleans Video Recap
THE AMCAP SOCIAL SCENE
Into the Wild Major Mortgage Style
Trump This!
The three Hayward brothers, Tor, Brant
and Ryar, took to the Alaskan wilderness
with their families on a recent vacation.
Nothing beats an annual client golf trip to
Aberdeen, Scotland, with none other than
2016 presidential candidate “The Donald.”
WATCH THE RECAP
Now available online, this video recap
lets lovers of the Crescent City relive
the fun of the AmCap-sponsored
event any time they like. We don’t
blame you if it’s on repeat until next
year’s event rolls back in town!
(left to right) Matthew Herring (Macalister Real
Estate), Stephen Herring (Herring Advertising
Group), Donald Trump, Tom Boyd (AmCap
Mortgage), Todd Riddle (Re/Max Team Riddle)
Have something to celebrate at your branch?
Submit your Brag & Boast story to [email protected], and we’ll share your successes in a future edition of AmCap’s internal
eNewsletter, The AmCap Connection.
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