CFPB Finalizes “Know Before You Owe” Mortgage Forms
Here are the details of the CFPB’s final rule to combine overlapping federal disclosure forms required by the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA). A new Closing Disclosure will replace the HUD-1 and revised TIL disclosure, while a Loan Estimate will replace the GFE and early TIL.
Submit Your Questions/Comments About the Rule to ALTA
Please send your questions or comments about the Consumer Financial Protection Bureau’s final rule for integrated mortgage disclosures to firstname.lastname@example.org. We will post answers and analysis to the final rule and forms here on our blog. We encourage title professionals to follow the blog as we will continue to provide analysis and information about implementing the new mortgage disclosures. The CFPB set an effective date of Aug. 1, 2015 for the industry to begin using the new disclosures.
CFPB Yields to Title Insurers on Mortgage Rule
That great headline came from Bloomberg News. According to Bloomberg, a new regulation that would have wrapped title insurance into the total costs listed on a simplified mortgage disclosure form was dropped by the Consumer Financial Protection Bureau after industry complaints.
ALTA CEO Testimony from CFPB Field Hearing on Integrated Mortgage Disclosures
Some of you may have watched the hearing in Boston live on Wednesday as the Consumer Financial Protection Bureau addressed its “Know Before You Owe: Mortgages” project and announced finalized integrated mortgage disclosure forms. Here is some of what I said last week:
The American Land Title Association Government Affairs Team is currently engaged with policymakers and regulators on several issues that could affect the title industry. The following provides information on recent legislative and regulatory issues.