The CFPB's integrated TILA-RESPA disclosure rules issued last November go into effect August 15, 2015. In past meetings, we have reviewed the basics of the new disclosures, and we plan to focus on the changes in greater detail in February. Meanwhile, it may be helpful to look over the various guides and materials the CFPB has made available. The instructions for completing the new disclosure forms are detailed and technical and likely will require some study in order to become familiar with the requirements.
The CFPB has published a Compliance Guide which is written in a plain English Q & A format. The guide covers the basics of the rule and requirements for use of the new disclosure forms.
The CFPB has also published a Guide to Completing TILA-RESPA Integrated Disclosure Forms as a companion to the Compliance Guide. The Guide to Forms summarizes the instructions for completing the Loan Estimate and Closing Disclosures on a section-by-section basis for each form. In addition, the Bureau has provided sample completed disclosures for different loan types.
In addition to the printed materials, the Bureau has presented a series of three 60 to 90 minute webinars covering an overview of the rule, frequently asked questions and the loan estimate form. A similar program is planned to go over the loan disclosure form. The webinars have been recorded and the recordings and the webinar materials have been made available by the CFPB for downloading.
The guides, sample forms and recorded webinars and materials are available on the CFPB website under the tab "Law and Regulation" under the sub-heading "Regulatory Implementation" or you can type the following address into your web browser to access the web page:
www.consumerfinance.gov/regulatory-implementation/tila-respa/
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
