Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
Qualified Mortgage - Qualified Residential Mortgage
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Deposit Insurance
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Wednesday, January 21, 2015

ABA Wins Fixes to TILA-RESPA Mortgage Disclosures

The CFPB finalized ABA-advocated changes to its TILA-RESPA integrated mortgage disclosure requirements, which take effect on Aug. 1, 2015. The first change would give creditors three business days to issue a revised version of the new Loan Estimate form after locking in a customer’s interest rate.

The rule originally included a same-day requirement, which ABA was concerned would be too restrictive. In its proposed rule, the bureau put forth a one-business-day timeframe. However, ABA noted that without additional time to issue the revised form, creditors might have locked in rates only before noon on any given day. ABA sought a full three business days.

Responding to specific concerns about the longer settlement times for construction loans, the second change would add language to the Loan Estimate informing construction borrowers that they might receive a revised Loan Estimate if their loan takes more than 60 days to settle. In finalizing the rule, after ABA’s urging, the bureau provided more specific direction on the disclosure.

Read the final rule.
Read ABA’s comment letter.

No comments:

Post a Comment

Please read our comment policy before making a comment.