The Consumer Financial Protection Bureau (CFPB) has released its final rule for new integrated mortgage disclosures. The rule integrates forms required under the Truth-in-Lending Act (TILA) and Real Estate Settlement and Procedures Act (RESPA). This page will provide details and information to help ALTA members implement and comply with the rule.
The closing process will significantly change as a Loan Estimate will replace the current Good Faith Estimate and early TIL disclosure, while a Closing Disclosure will replace the HUD-1 and final TIL disclosure.
The CFPB has given an implementation deadline of August 1, 2015.
Follow ALTA’s blog for updates and analysis of the rule, as well as answers to questions about the disclosures that were submitted to ALTA.
Join the Title Action Network to keep up-to-date about the rule and how you can take action.
ALTA Comment Letter to CFPB - Nov. 6, 2012
ALTA provided comments to the Consumer Financial Protection Bureau (CFPB) sharing concerns about the bureau’s proposed regulations to combine the overlapping federal disclosure forms required by RESPA and TILA.
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