Know Before You Owe: New Mortgage Rules and Forms are making it easier for consumers to understand the process

TILA-RESPA Integrated Disclosure rule implementation

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Email updates about mortgage rule implementation

 http://www.consumerfinance.gov/regulatory-implementation/tila-respa/

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New consumer guide replaces settlement cost booklet

Your Home Loan Toolkit – now available in English & Spanish – is designed to be used in connection with the new Loan Estimate & Closing Disclosure forms. It will replace the current Settlement Cost booklet when the TILA-RESPA Integrated Disclosures go into effect.

RESOURCES TO HELP YOU COMPLY

TILA-RESPA Integrated Disclosure rule

Compliance guide: A plain-language guide to the new rules in a FAQ format which makes the content more accessible for industry constituents, especially smaller businesses with limited legal and compliance staff.

Guide to forms: Provides detailed, illustrated instructions on completing the Loan Estimate and Closing Disclosure.

Closing factsheet: An overview of the limited circumstances when changes to the loan require a new three-day review.

Disclosure timeline: Illustrates the process and timing of disclosures for a sample real estate purchase transaction.

Integrated loan disclosure forms & samples: Downloadable Loan Estimate and Closing Disclosure forms in both English & Spanish and samples for different loan types.

Videos: A series of webinars to address implementation of the new rule. Please note that registration is required to view the recordings. Topics include an an overview of the rule, frequently asked questions, loan estimate form,closing disclosure form and implementation challenges. Use the question index to find out which questions were answered and when during the webinar series.

Supervision and examination materials

Our Readiness Guide provides guidelines for institutions to evaluate their readiness and help them comply with the mortgage rule changes.

ADDITIONAL INFORMATION

Data standards

Freddie Mac and Fannie Mae have released a common industry dataset, called the Uniform Closing Dataset, which leverages and maps to Mortgage Industry Standards Maintenance Organization (MISMO) data standards, to support implementation of the TILA/RESPA Closing Disclosure form. MISMO is developing a corresponding mapping dataset for the Loan Estimate that will be available soon.

Integrated loan disclosure forms & samples

These are downloadable versions of the models and samples that were published in the rule.