RESPA News asked readers in a recent poll to give their opinion of the Consumer Financial Protection Bureau’s (CFPB) new mortgage disclosure forms and whether the current HUD-1 Settlement Statement and Good Faith Estimate (GFE) are better. A majority of respondents indicated that the new forms, released in the CFPB’s final RESPA/Truth in Lending Act (TILA) integrated mortgage disclosure rule, just aren’t cutting it.
In 2008, the Department of Housing and Urban Development published a final RESPA rule. The main focus of the rule was the requirement of a new standardized GFE and a modified version of the HUD-1. The forms went into effect in January 2010.
When the CFPB was formed by the Dodd-Frank Act, one of its responsibilities was to draft new mortgage disclosure forms that merged the RESPA and TILA disclosures.
In May 2011, two months before the bureau was set to open its doors, it began releasing prototype disclosures to the public for review and comment.
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