TILA-RESPA Integrated Disclosure rule implementation October 3, 2015
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 new disclosures are effective for applications received on or after 10/3/15. If an application is received prior to this date the transaction would be covered by existing law, which requires the Good Faith Estimate, TIL Disclosure statement, and HUD-1 Settlement Statement. The provisions regarding the new Loan Estimate and Closing Disclosure are not applicable for an application received prior to this date, nor can they be used prior to 10/3/15.
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.
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.