WASHINGTON (3/25/15)--In preparation for the Aug. 1 implementation date for the Consumer Financial Protection Bureau's (CFPB) Truth in Lending Act-Real Estate Settlement Procedures Act (TILA-RESPA) integrated disclosures rule, the bureau has updated a number of its materials relating to the rule.
The bureau's small entity compliance guide, loan originator small entity compliance guide, guide to forms and example disclosure timeline have all been updated to include two changes that were finalized in January.
These changes extend the timeline by which creditors are required to provide a revised Loan Estimate form to three days, as opposed to the same business day as was originally the rule. The second change creates a space on the Loan Estimate form where language regarding a construction loan can be placed.
CUNA's compliance staff will be updating CompBlog leading up to Aug. 1 with question-and-answer posts about specifics of TILA-RESPA compliance.