Wednesday, June 10, 2015

Fact sheet clarifies impact of Integrated Disclosures on loan closings


Good morning,
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.
Thank you,
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.
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