CFPB Issues TILA-RESPA Compliance Guide

March 31, 2014
Housing Wire 
mortgage lending news
The Consumer Financial Protection Bureau has put together a manual to help lenders comply with the Integrated Disclosure Rule, which consolidates the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA).

The new TILA-RESPA disclosure forms include a loan estimate, provided to borrowers within three business days of submitting a mortgage application, that is designed to help consumers understand the terms and risks of their financing; and another disclosure, given to borrowers within three business days of closing on a loan, that aims to provide information "that will be helpful to consumers in understanding all of the costs of the transaction."

The rule goes into effect in August of next year.

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