WASHINGTON (2/5/15)--As the Aug. 1 implementation date for a new Truth in Lending Act-Real Estate Settlement Procedures Act (TILA-RESPA) integrated disclosure rule creeps nearer, CUNA's CompBlog is analyzing it section-by-section and offering comprehensive compliance tips over the next several weeks.
The major change implemented by the rule is the addition of two new forms, the Loan Estimate and the Closing Disclosure.
The Loan Estimate will provide disclosures to help consumers understand key features, costs and risks of the mortgage loan for which they are applying. It must be provided to consumers no later than three business days after they submit a loan application.
The Closing Disclosure will provide disclosures that will be helpful to consumers in understanding all of the costs of the transaction. It must be provided to consumers three business days before they close on the loan.
CUNA compliance staff will be covering both the Loan Estimate and Closing Disclosure. CompBlog will feature weekly posts about the parts of the rule, taking readers through the entire process of getting a mortgage under the new rule.
For example, a Feb. 2 entry examines pre-disclosure activity and how it relates to the loan estimate.
The weekly posts will be supplemented by CompBlog entries answering questions submitted by readers. Comments and questions can be submitted to CUNA compliance staff by clicking the "Comment" button below the headline on each post.