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Mortgage disclosure forms released - Updated
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Regulatory Updates
Wednesday, November 20, 2013
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The wait is finally over. The Consumer Financial Protection Bureau (CFPB) released the new mortgage disclosure forms and their implementing rule. The final rule provides answers to many of the industry’s long-standing questions about the RESPA/Truth in Lending Act (TILA) proposal released last year.
The final rule, which takes effect in August 2015, includes several changes in response to industry comments. For instance, the bureau made important changes to the proposed definition of business day. The CFPB also decided to put off finalizing a proposal to change the annual percentage rate (APR) calculation. However, other debated provisions remained unchanged in the final rule. For instance, title insurance is still described as “optional” on the bureau’s Closing Disclosure.
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