Fact sheet clarifies impact of Integrated Disclosures on loan closings
We’ve got a fact sheet that clarifies the
impact of the requirement – effective August 1, 2015 – that a creditor must
deliver the Closing Disclosure to a consumer three days before closing. It
provides an overview of the limited circumstances when changes to the loan
require a new three-day review.
We also delivered a letter to Members of
Congress this week where we said that our oversight of the implementation of the
TILA-RESPA Integrated Disclosure rule will be sensitive to the progress made by
those entities that have squarely focused on making good-faith efforts to come
into compliance with the rule on time. We have spoken with our fellow regulators
to clarify this approach.
Our statement of this approach is intended to
ease some of the concerns we have heard about this transition to new processes
in the coming months and is consistent with the approach we took to
implementation of the Title XIV mortgage rules in the early months after the
effective dates in January 2014.
CFPB Regulatory Implementation Team
About the CFPB
The CFPB is a 21st century agency that helps
consumer finance markets work by making rules more effective, by consistently
and fairly enforcing those rules, and by empowering consumers to take more
control over their economic lives.