Integrated Mortgage Disclosure Rule Starts August 1st, 2015
TILA/RESPA Rule and Mortgage Reform
Update: CFPB moves TRID date to Oct. 1
The Consumer Financial Protection Bureau (CFPB) announced on Wednesday a proposal to delay the effective date of the TILA-RESPA Integrated Disclosure rule until Oct. 1.
Starting August 1st (2015) the closing process will significantly change when the Consumer Financial Protection Bureau’s fine rule for integrated mortgage disclosures goes into effect. The rule integrates forms required under the Truth-in-Lending Act (TILA) and Real Estate Settlement and Procedures Act (RESPA). 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. –
To read up on this, visit: http://www.alta.org/cfpb/#sthash.mouIaKCm.dpuf
Also, check this link out: http://www.consumerfinance.gov/regulatory-implementation/tila-respa/
TILA-RESPA Integrated Disclosure Compliance Guide: 201503_cfpb_tila-respa-integrated-disclosure-rule
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