Earlier this week, the Consumer Financial Protection Bureau (CFPB) published its final rule concerning the creation of Integrated Mortgage Disclosures, which combine the disclosures consumers receive under the Truth-in-Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). The final rule includes new forms that will be used on virtually every transaction involving a mortgage loan originated and closed after August 1st, 2015. This new Rule is 1888 pages long.
In the coming months, Minor, Bell & Neal will be providing information concerning the new rules. In the meantime, please click the following links to view the new Loan Estimate and Closing Disclosure forms. These new forms will replace the TILA Disclosure, Good Faith Estimate (GFE) and HUD-1 Settlement Statement on nearly every residential sale or refinance after August 1, 2015. Additional information can be found at: www.consumerfinance.gov