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CFPB Issues TILA-RESPA Proposal

Posted on 7/10/2012

The CFPB yesterday issued a proposed rule intended to combine and simplify mortgage disclosure requirements under the Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA).

The proposal would require lenders to give consumers, within three business days of loan applications, a three-page "Loan Estimate" form that includes information on key features, costs, and risks of the loans. At least three business days before closing, lenders would have to provide a new, five-page "Closing Disclosure" form that would provide details on all costs associated with the loans.

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