Physical Address: The Henry Rust Building 2627 W. Idaho Street Boise, Idaho 83702 | Mailing Address: Po Box 637 Boise, Idaho 83701 | Call Now: (208) 338-1001

CFPB Issues Integrated Mortgage Disclosure Rule


Published On: February 20th, 2014 | Author: Perry Law, P.C. | Category: Arizona Florida Idaho Nevada Real Estate and Title Washington

Recently the Consumer Financial Protection Bureau (“CFPB”) issued its Integrated Mortgage Disclosure Rule (the “Rule”).  The Rule will become effective 8/1/2015 and essentially replace the HUD-1 Settlement Statement with a Closing Disclosure, and, replace the Good Faith Estimate with a Loan Estimate.  The idea is to consolidate and simplify the information.  One significant change is lenders will be required to provide the Loan Estimate to borrowers within 3 days after the consumer applies for a mortgage loan.  And, lenders will be required to provide the Closing Disclosure so that its received at least 3 days before the closing.

Borrowers, lenders and title agents should begin to familiarize themselves now with the changes to ensure compliance in the future.  Further information can be found on the CFPB’s website – http://www.consumerfinance.gov/regulations/integrated-mortgage-disclosures-under-the-real-estate-settlement-procedures-act-regulation-x-and-the-truth-in-lending-act-regulation-z/#rule.

Perry Law is licensed to practice in Arizona, Florida, Idaho, Oregon and Washington, we are a regional law firm, that gets large firm results.

When faced with a difficult legal situation, you want to make certain you have the best representation and legal team in your corner. At Perry Law, our attorneys and support team are here to ensure you the most sound advice and legal counsel possible.  Perry Law is a regional law firm with attorneys licensed in Arizona, Florida, Idaho, Oregon, and Washington. The firm represents over seventy years of combined legal experience.