In November 2013, the Consumer Financial Protection Bureau (Bureau) issued the TILA/RESPA Integrated Disclosure final rule. In addition to making a number of positive changes from the proposed rule, the Bureau provided nearly twenty-one months until the effective date of August 1, 2015. Unfortunately, unlike many of the CFPB’s earlier mortgage rules, this final rule does not include an exception for small creditors.
As discussed in more detail below, the final rule requires the use of two new forms—the three page “Loan Estimate” (which replaces the Good Faith Estimate (GFE) and the initial Truth in Lending disclosure) and the five page “Closing Disclosure” (which replaces the HUD-1 and final Truth in Lending disclosure). The rule requires that the Loan Estimate must be provided within three days from receipt of a mortgage loan application while the Closing disclosure must be provided at least three business days before loan closing.
We will discuss the impact of closings and how to complete the forms!
Speaker: Sandy Cline, Branch manager, GFS Mortgage Corporation