Starting October 3, 2015, the new CFPB Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act (Regulation X) and the Truth-In-Lending Act (Regulation Z) will be used for residential real estate transactions. Any residential loan originated after October 3, 2015 will be subject to the new rules and forms set forth by the CFPB. The Rule replaces the Good Faith Estimate (GFE) and early TILA form with the new Loan Estimate. It also replaces the HUD-1 Settlement Statement and final TILA form with the new Closing Disclosure.
Learn the CFPB Lingo
With the new rules and new forms comes new terminology and language. The video here explains what language to look for, including:
| Terminology | Definition | |||
|---|---|---|---|---|
| Consumer | The Borrower | |||
| Consummation | The day the borrower becomes legally obligated to repay the debt – the date of the signing of the loan documents | |||
| Creditor | A Loan Originator, Lender or Mortgage Broker | |||
| Business Day | A day on which the creditor’s offices are open to the public for carrying on substantially all of its business functions. For purposes of rescission under TILA – all calendar days EXCEPT Sundays and Legal Public Holidays | |||
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.
