TILA-RESPA Integrated Disclosure Rule
The Dodd-Frank Wall Street Reform and Consumer Protection Act required the CFPB to combine certain RESPA and Truth-in-Lending disclosures. Four documents have been turned into two. Now, the pages your clients see at the time of application and at closing mirror each other, so its easier to compare and notice changes.
The Loan Estimate combines and replaces the Good Faith Estimate and the initial Truth-in-Lending (TIL) statement. The form highlights the most important elements of the transaction and allows for easy comparisons among competing lenders.
The Closing Disclosure combines and replaces the HUD-1 Settlement Statement and the final Truth-in-Lending (TIL) statement. The form mirrors the information provided on the Loan Estimate.
Blumberg Forms are automated versions of the Official Forms. Data flows from the Estimate through to the last page of the Disclosure form. Use the Estimate, or the Disclosure, or both, ID and PW for 1 $29.95, 5 $26.95 ea. and 10 $23.65 ea.
Continue to use HUD-1 for residential closings that need not comply with TILA-RESPA and for commercial closings
Close IT Plus Residential Loan Settlement Software
Now integrates the RESPA-TILA Closing Disclosure into the closing system.
An advanced system for settlement attorneys representing banks, title and abstract companies.
Close IT Plus is an amazing residential mortgage loan settlement solution developed for attorneys and settlement companies that not only prepares the HUD1/Closing Disclosure, but also automates the entire work flow process. A powerful software program that actually manages your entire closing operation that's comprehensive yet EASY to use.