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, P.C.

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