Skip to Main Content

CFPB Implements New Mortgage Disclosure Rules and Forms

CFPB Focus

The CFPB issued its "Know Before You Owe" rule on November 20, 2013.  The center pieces of the rule are the Loan Estimate form, which replaces the early Truth in Lending statement; and the Good Faith Estimate and the Closing Disclosure form, which replaces the final Truth in Lending statement and the HUD-1 settlement statement.  The purpose of this rule is to combine certain disclosure requirements required under the Truth in Lending Act and the Real Estate Settlement Procedures Act in a uniform disclosure scheme.  The loan estimate form is to be provided to consumers within three business days after they submit a loan application.  The closing disclosure form is to be provided to consumers three business days before they close on the loan.  This rule is effective as of August 15, 2015.

Email Disclaimer

NOTICE: The mailing of this email is not intended to create, and receipt of it does not constitute an attorney-client relationship. Anything that you send to anyone at our Firm will not be confidential or privileged unless we have agreed to represent you. If you send this email, you confirm that you have read and understand this notice.
Cancel Accept