Just a reminder that the CFPB has made available a number of tools to aid lenders in coping and complying with the TILA-RESPA Integrated Disclosure Rule. These include:
- A Small Entity Compliance Guide in a plain English Q & A format. The guide covers the basics of the rule and requirements for use of the new disclosure forms.
- A Guide to Completing TILA-RESPA Integrated Disclosure Forms which is a companion to the Compliance Guide. It summarizes the instructions for the Loan Estimate and Closing Disclosures on a section-by-section basis.
- A Disclosure Timeline Example which illustrates the process and timing of disclosures for a sample loan.
- Blank disclosure forms including versions with annotations to the specific rule provisions, sample completed disclosures for five different loan types, and model forms for a written list of settlement service providers.
- A series of four recorded 60 to 90 minute webinars available for downloading and covering an overview of the rule, frequently asked questions and the loan estimate and loan closing forms.
These materials can be found on the CFPB website at:
www.consumerfinance.gov/regulatory-implementation/tila-respa/
Personally, I think the CFPB should also offer free aspirin and psychological counseling for compliance officers.
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.
