loan estimate: The Revisions Have Begun
- 01/22/15 02:56 AM
You may have missed the announcement as I am not sure there was one. I am subscribed to CFPB announcements and emails and did not receive any notice of this rule change. Two days ago (Tuesday, 01.20.2015) the Consumer Finance Protection Bureau ("CFPB") finalized two minor changes to the TILA-RESPA Integrated Disclosure forms. The official announcement on the CFPB website is HERE. The changes were made in response to pressure from the mortgage industry. The first rule change addresses the timing of the required, revised Loan Estimate at the time of a rate lock on an adjustable rate loan. The second … (9 comments)
loan estimate: Are You Ready for "TRID"?
- 01/12/15 07:29 AM
A recent article in Mortgage Compliance Magazine is making the statement that dire warnings to prepare for the implementation of the new TILA-RESPA Integrated Disclosures ("TRID") are being ignored by a majority of those who will be most affected. The new disclosures, also referred to as "Know Before You Owe", will be required as of August 1, 2015 and will combine the currently required good faith estimate and preliminary TILA disclosure into a "Loan Estimate", and will combine the HUD-1 settlement statement with the final TILA disclosure to form a "Closing Disclosure". The new regulations do require some changes in the … (7 comments)
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Randy Kirsch
(NMLS# 1012303) Your Dedicated Mortgage Consultant
You may have missed the announcement as I am not sure there was one. I am subscribed to CFPB announcements and emails and did not receive any notice of this rule change. Two days ago (Tuesday, 01.20.2015) the Consumer Finance Protection Bureau ("CFPB") finalized two minor changes to the TILA-RESPA Integrated Disclosure forms. The official announcement on the CFPB website is HERE.
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