The Consumer Financial Protection Bureau recently issued guidelines aimed to increase clarity regarding the Truth in Lending Act-Real Estate Settlement Procedures Act (TILA-RESPA) integrated mortgage disclosure rule. The CFPB stated that the “TILA-RESPA Integrated Disclosure Rule Small Entity Compliance Guide” makes mortgage disclosures easier for consumers to understand and use, while also helping to facilitate compliance with TILA and RESPA.
The Dodd-Frank Act directs the CFPB to publish rules and forms that combine certain disclosures that consumers receive in connection with applying for and closing a mortgage loan under TILA and RESPA. The new regulation establishes new disclosure requirements and forms in TILA for most closed-end consumer credit transactions secured by real property. The CFPB issued the proposed rule in August 2012 and adopted the rule in November 2013. The rule is scheduled to be implemented in August 2015.