The Consumer Financial Protection Bureau on Tuesday released a guide to completing the integrated mortgage disclosure forms as a companion to another compliance guide it recently published for lenders.
Consolidating the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) mortgage documents was the CFPB’s inaugural initiative when it launched in 2011 with a goal of creating a form that was easier for consumers to understand.
The CFPB has subsequently released compliance guides and resources for lenders to ensure their compliance for mortgage loans they originate.
The new TILA-RESPA Integrated Disclosure Forms guide provides instructions for completing the Loan Estimate and Closing Disclosure and also highlights common situations that may be encountered when completing the forms, says the CFPB, adding that the guide may be helpful to settlement service providers, software providers, and other firms that serve as business partners to creditors.
“Changes related to the TILA-RESPA rule may take careful planning, time, or resources to implement,” says the introduction to the guide. “This Guide will help you identify and plan for any necessary changes.”
Written by Alyssa Gerace