A guide has been issued to help small lenders comply with new Truth in Lending Act and Real Estate Settlement Procedures Act disclosure requirements.
The Consumer Financial Protection Bureau was directed by the Dodd Frank Wall Street Reform and Consumer Protection Act to propose new integrated disclosures.
The regulator first proposed integrated TILA and RESPA disclosures in May 2011. The rule was recently finalized and becomes effective on Aug. 1, 2015.
A Small Entity Compliance Guide to help lenders maintain compliance with the TILA-RESPA Integrated Disclosure Rule was announced Monday by the CFPB.
“The guide highlights issues that you might find helpful to consider when implementing the rule,” the CFPB said in a written statement. “It may also be helpful to settlement service providers, software providers, secondary market participants, and other firms that serve as business partners to creditors.”
A companion guide update is planned for the coming weeks in order to provide details about completing the integrated disclosure forms.
The bureau also posted Loan Estimate and Closing Disclosure forms in Spanish and provided samples for different loan types.
