The TILA/RESPA Integrated Closing Disclosure
rule has been published by the CFPB. The Final Rule can be found here.
- This rule will be in effect as of August 1, 2015
- All
impacted loans originating after August 1, 2015 will require the following
new mortgage disclosures:
- The Loan Estimate: This form will be provided to consumers within
three (3) business days after they submit a loan application. It replaces
the early Truth-In-Lending statement and the Good Faith Estimate, and
provides a summary of the key loan terms and estimated loan and closing
costs. Consumers can use this new form to compare the costs and features
of different loans.
- The Closing Disclosure: Consumers will receive this form three (3) business
days before closing on a loan. It replaces the final Truth-In-Lending
statement and the HUD-1 Settlement Statement, and provides a detailed
accounting of the transaction.
Surety Title is your #1 resource for the latest industry updates. Stay tuned for additional information as it is released.
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