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Wednesday, November 20, 2013

CFPB Issues Final New Mortgage Disclosure Forms

The CFPB is issuing a final rule requiring lenders to use two new mortgage disclosure forms that combine and streamline disclosure requirements under the Truth in Lending Act and Real Estate Settlement Procedures Act.

The forms include a new, three-page “Loan Estimate” that must be given to borrowers within three business days of applying for a loan and that replaces the early Truth in Lending statement and the Good Faith Estimate. The form includes information on the mortgage’s key features, costs and risks.

At least three business days before closing on the loan, consumers would be required to receive a new, five-page “Closing Disclosure” form that provides details on all costs associated with the loan. This form replaces the final Truth in Lending statement and the HUD-1 form.

Read more.
View the Loan Estimate form.
View the Closing Disclosure form.

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