The Consumer Financial Protection Bureau (CFPB) issued its final Truth in Lending Act, Real Estate Settlement Procedures Act (TILA-RESPA) rule on November 20, the agency revealed on its official blog.
The new regulation will bring changes to the rules and forms associated with obtaining a mortgage loan estimate and a closing disclosure.
“The rule also offers some more protections for consumers,” the CFPB wrote. “For example, consumers must receive their closing disclosure three business days before closing on the loan so they have time to review it. The final rule also limits the circumstances in which consumers will have to pay more for settlement services than the estimate they received.”
The requirements will be made effective August 1, 2015. For more on the announcement and to learn what’s new about the disclosures, read the CFPB’s full blog post here.
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