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Wednesday, April 2, 2014

CFPB Issues Small Entity Compliance Guide on for TILA-RESPA

The Consumer Financial Protection Bureau has issued a compliance guide for the merged real estate disclosures under the Truth in Lending Act and the Real Estate Settlement Procedures Act. The rule, which takes effect August 1, 2015, merges the TILA and RESPA-mandated disclosures into two forms: the Loan Estimate and the Closing Disclosure.

The compliance guide is intended to help small entities understand their new responsibilities, answer common questions and plan for the new disclosures’ effective date.

Read the guide.