The Consumer Financial Protection Bureau’s (CFPB) final integrated RESPA/Truth in Lending Act mortgage disclosure form rule introduces the Loan Estimate and Closing Disclosure, but that’s not all the regulation does. In this multi-part series, RESPA News reviews additional changes that will alter current practices.
There is no question that new forms are important. Implementing the Loan Estimate and Closing Disclosure forms will mean changes to technology, additional training and new closing practices. The rule goes into effect on Aug. 1, 2015. While that may seem like the distant future, preparing early is essential to compliance because this rule isn’t just about forms. It is going to bring significant changes for those who work in the settlement service and lending fields.
“These new forms are going to transform the consumer experience, and they will affect every settlement service provider that touches them,” said Phil Schulman, a partner with K&L Gates, during Part 1 of October Research’s mortgage disclosure forms training webinar series. “That includes banks, mortgage companies, mortgage brokers, title underwriters, title agents, closing agents, closing attorneys and escrow companies. The sheer volume of this stuff, it is daunting.”
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