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Tuesday, August 18, 2015

CFPB Releases TILA-RESPA Guide for Realtors

The CFPB released a Know Before You Owe guide for real estate professionals to help smooth the transition for implementation of the TILA-RESPA Integrated Disclosure rule. The guide breaks down the major components of the rule, including steps for closings, explanation of the new disclosures and an explanation of what has not changed about the mortgage process.

The guide explains the three-day review period and outlines the three changes to the mortgage that require a new three-day review: the APR increases by more than 1/8 percent for regular loans or 1/4 percent for irregular loans, a prepayment penalty is added or the basic loan product changes.

Read more.

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