CFPB TITLE CHANGES TRID
For more than 30 years, federal law has required all lenders to provide two disclosure forms to consumers when they apply for a mortgage and two additional short forms before they close on the home loan. These forms were developed by different federal agencies under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA).
To help simplify matters and avoid the confusing situations consumers have often faced when purchasing or refinancing a home in the past, the Dodd-Frank Act provided for the creation of the Consumer Financial Protection Bureau (CFPB) and charged the bureau with integrating the mortgage loan disclosures under the TILA and RESPA.
On November 20, 2013 the CFPB announced the completion of their new integrated mortgage disclosure forms along with their regulations (RESPA Regulation X and TILA Regulation Z) for the proper completion and timely delivery to the consumer. These regulations are known as “The Rule”.
LEER Title Services is ready to make a smooth transition for everyone involved. We are tech savvy, educated on the process and provide our traditional extraordinary level of service to every transaction.
Watch this short video to learn more about the TILA-RESPA Integrated Disclosure rule.
Specifically, this video covers what home buyers can expect with their transaction come October 3, how the new regulations are designed to make it easier for home buyers to understand the terms of a mortgage loan, compare loans from different lenders and more.