What is the CFPB?

A plain-english guide to the Consumer Financial Protection Bureau. You’ll find simple answers about the CFPB and how the new rules will change real estate transactions. To download a PDF, click here.

The CFPB Loan Estimate Form

The new Loan Estimate form replaces the early TILA disclosure and the Good Faith Estimate. It lists all the potential costs for the consumer’s loan like title insurance, percentage rates, closing costs, and the estimated monthly loan payment.

Creditors are responsible for calculating the best estimates possible for these services, which will be checked against the actual costs listed in the Closing Disclosure form when the loan is consummated. And unlike the former Good Faith Estimate, creditors can no longer revise and re-disclose if charges go up or down prior to closing. After all, resetting the estimate every time a circumstance changes weakens the purpose of the estimate!

Once a consumer’s application is received, the creditor has three days to deliver the Loan Estimate and should include a list of providers for services the consumer can shop around for.

Ticor is your CFPB Readiness Partner

Forms, dates, rules, and laws… it can seem like a lot to take in. The good news is that we’ve done our homework and we’re here to guide you through.

To learn more about how the CFPB changes impact you, contact a local representative.

1 Comment
  1. what loans are exempt from LE and CD ?

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