CFPB Issues TILA-RESPA Compliance Guide
The Consumer Financial Protection Bureau has put together a manual to help lenders comply with the Integrated Disclosure Rule, which consolidates the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). The new TILA-RESPA disclosure forms include a loan estimate, provided to borrowers within three business days of submitting a mortgage application, that is designed to help consumers understand the terms and risks of their financing, and another disclosure, given to borrowers within three business days of closing on a loan, that aims to provide information "that will be helpful to consumers in understanding all of the costs of the transaction." The rule goes into effect in August of next year.
From "CFPB Issues TILA-RESPA Compliance Guide"
Housing Wire (03/31/14) Lane, Ben
The Consumer Financial Protection Bureau has put together a manual to help lenders comply with the Integrated Disclosure Rule, which consolidates the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). The new TILA-RESPA disclosure forms include a loan estimate, provided to borrowers within three business days of submitting a mortgage application, that is designed to help consumers understand the terms and risks of their financing, and another disclosure, given to borrowers within three business days of closing on a loan, that aims to provide information "that will be helpful to consumers in understanding all of the costs of the transaction." The rule goes into effect in August of next year.
From "CFPB Issues TILA-RESPA Compliance Guide"
Housing Wire (03/31/14) Lane, Ben
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