twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
Mortgage Compliance News | Mortgage Compliance Newsletter | Mortgage Regulations
News about complying with mortgage laws, rules and regulations.

Combined TILA-RESPA Disclosure Released

CFPB issues proposed rule on new disclosures

July 9, 2012

By staff

A long-awaited form that combines disclosures required under the Truth-in-Lending Act and the Real Estate Settlement Procedures Act has been released for public comment. In addition, a new closing disclosure has been unveiled.

The Dodd-Frank Wall Street Reform and Consumer Protection Act mandated that TILA and RESPA disclosures be combined.

The responsibility of implementing the combined disclosure fell to the Consumer Financial Protection Bureau, the powerful regulator created as required by Dodd-Frank.

The CFPB proposed two forms in May 2011 and asked for feedback on which of the two forms was better.

On Monday, the agency issued a proposed rule that will modify Regulation Z and Regulation X. Comments on two parts of the proposed rule are being accepted until Sept. 7, while comments on the rest of the proposed rule can be submitted until Nov. 6.

The new disclosures apply to most closed-end residential transactions. Excluded from the rule are home-equity lines of credit, reverse mortgages and mobile home loans.

Only lenders that close more than five mortgages a year are subject to the rule.

Among disclosure requirements that have changed are the way Annual Percentage Rates are calculated.

One of two new forms required by the proposed rule is the Loan Estimate, which replaces the Good Faith Estimate and the early TILA disclosure. This disclosure must be provided to prospective borrowers within three business days of submitting a loan application. It is designed to help applicants understand the key features, costs and risks of the mortgage for which they are applying.

While mortgage brokers can provide the Loan Estimate, the wholesale lender is responsible for its accuracy. No fees, except credit report fees, can be charged until the disclosure is provided.

The second form is the Closing Disclosure, which replaces the HUD-1. It is designed to help consumers understand all the costs involved in the loan transaction and needs to be provided at least three days prior to closing with some exceptions. A new form is required when costs increase at least $100, and another three days must elapse.

Comments should be submitted to!documentDetail;D=CFPB-2012-0028-0001.

next story

back to current headlines

Financial Regulation News | Mortgage Regulations
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.
Logout forgot

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders