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July 28, 2015
CFPB’s New Know Before You Owe Mortgage Disclosure Rule Takes Effect October 3, 2015

The new TILA-RESPA Integrated Disclosure Rule receives two-month extension to correct administrative and technical glitches

The Consumer Financial Protection Bureau (CFPB) has delayed the effective date of its new Know Before You Owe mortgage disclosure rule, also called the TILA-RESPA Integrated Disclosures rule, to October 3, 2015.  The rule was originally scheduled to take effect August 1, 2015, but has been delayed due to technical and administrative glitches.

The rule requires new mortgage disclosure forms in most closed-end consumer mortgage loans.  The first new form (the Loan Estimate) replaces two federal forms: the Good Faith Estimate and the “early” Truth-in-Lending disclosure provided under the Truth-in-Lending Act.  This form will be provided to consumers within three business days after they submit a mortgage loan application.  The second new form (the Closing Disclosure) replaces the standard HUD-1 Settlement Statement.  This form will be provided to consumers three business days before they close on the mortgage loan.  The CFPB intends the new forms to be more user-friendly and informative for creditors, borrowers and brokers.

The rule does not apply to home equity lines of credit, reverse mortgages, or mortgage loans secured by a mobile home or by a dwelling that is not attached to real property (i.e., land), which must continue to use the current disclosure forms. The rule also does not apply to loans made by a creditor who makes five or fewer mortgages in a year, or to commercial loans.  The rule applies to transactions for which the creditor or mortgage broker receives an application on or after October 3, 2015.  

More information can be found at the CFPB’s website found here or by contacting Eisenhower Carlson's banking and real estate attorneys.


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