Mike Schwab | 10-19-2015
The Integrated Disclosure Rule for TILA-RESPA (Truth in Lending Act- Real Estate Settlement Procedures Act of 1974) goes into effect Saturday, Oct. 3. The Consumer Financial Protection Bureau’s “Know Before You Owe” rule is intended to help consumers understand their loan options, shop for the mortgage that’s best for them and avoid costly surprises at the closing table.
This mortgage disclosure rule replaces four existing disclosure forms with two new ones: the Loan Estimate and the Closing Disclosure. The new forms are easier to understand and easier to use. The rule also requires that you get three business days to review your Closing Disclosure and ask questions before borrowers close on a mortgage.
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