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The Dodd-Frank Act obligated the Consumer Financial Protection Bureau (CFPB) to publish new integrated mortgage disclosure rules under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA).
Since 2013, the CPFB’s publication and implementation of those rules has been marked by delays, amendments, and corrections as it struggled to balance disparate interests of borrowers and lenders.
The CFPB did not issue its final rules until July 2017, and in December 2017 it released still another updated guide to mortgage loan estimate and closing disclosure forms.
With incomplete and changing guidance from the CPFB, lenders are required to devote extra time and resources to verify the accuracy and completeness of their initial integrated estimates.
PPDocs offers an easy, economical solution with our TRID document services.
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