Tag Archives: mortgage disclosure

Real Estate: Know Before You Owe: Impending changes to the residential loan closing process

The “Know Before You Owe” mortgage rule,also known as the TILA-RESPA Integrated Disclosures rule, goes into effect on Oct. 3, 2015. The Consumer Financial Protection Bureau (CFPB) issued the final rule on Nov. 3, 2013, requiring easier-to-use mortgage disclosure forms that clearly lay out the terms of a mortgage for a homebuyer, among other things. Unless specifically exempted, any residential consumer loan originated on or after Oct. 3, 2015, will be subject to the new rules and forms promulgated by the CFPB. Though there are very few exceptions, those consumer loan transactions exempted from the new rules and forms include reverse mortgages, home equity lines of credit, mobile home loans, and creditors who originate less than five loans in a calendar year. 

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