The Consumer Financial Protection Bureau finalized the two-month extension of the Know Before You Owe mortgage disclosure Rule (also known as the TILA-RESPA Integrated Disclosures rule,) to October 3, 2015. It refers to the upcoming form and rule change where the Truth in Lending (TIL) form and the HUD-1 Settlement Statement (RESPA) will be combined and integrated into a new form called the Closing Disclosure Form. The purpose of the new form is to provide the borrower with a clear and understandable final snapshot of the loan and the costs associated with the loan.
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The Bureau decided on this new date believing that both Industry and consumers will benefit from a smoother transition and that scheduling an Effective date on a Saturday may give the industry time to launch new systems over the weekend.
For more information visit: www.ConsumerFinance.gov
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