The Mortgage Lender's Guide to the Truth-in-Lending Act and RESPA Disclosure Integration Rule
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The Mortgage Lender's Guide to the 2015 Truth-in-Lending Act and RESPA Disclosure Integration Rules: Pub number 01912 Print or eBook
On November 20, 2013, the Consumer Financial Protection Bureau approved the TILA-RESPA Disclosure Integration Rule (DI Rule). The DI Rule combines and integrates the disclosure forms that consumers receive when they apply for closed loan mortgages (mortgages that don't allow prepayment). The new DI Rule amends Regulations X, the Real Estate Settlement Procedure Act and Regulation Z, the Truth-in-Lending Act.
Who Needs Information About the New DI Rule?
Lenders and mortgage brokers of closed end mortgages will need to shift all of their consumer residential mortgage loan applications to the requirements of the DI Rule on October 3, 2015. This is a critical and mandatory deadline. Until October 3, 2015 lenders must continue providing the current forms (e.g., Good Faith Estimates and Truth-in-Lending Disclosures). For loan applications received on or after October 3, 2015, however, lenders must provide Loan Estimates and Closing Disclosures. Lenders must have their new forms and procedures ready to go on October 3, 2015.
Is the New DI Rule Just About Some New Forms?
No. The DI Rule does more than just combine application and closing disclosures. The DI Rule provides very specific instructions - which must be complied with - on how to complete Loan Estimates and Closing Disclosures. The DI Rule also affects policies and procedures beyond disclosure integration, including:
• a new escrow closing notice requirement before many escrow accounts can be closed;
• new disclosure requirements when ownership of a loan changes
• new guidance requirements related to buydowns
• new simplified disclosure of prepayment penalties
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Table of contents
CHAPTER 1 INTRODUCTION
§ 1.01 Disclosure Integration
§ 1.02 Effective Date
§ 1.03 Coverage
§ 1.04 Process Requirements
§ 1.05 Application
§ 1.06 The DI Rule Does More
CHAPTER 2 EXECUTIVE SUMMARY
§ 2.01 Quick Summary
§ 2.02 More Details and Background
CHAPTER 3 DEFINITION OF “APPLICATION”
§ 3.01 When Do We Have An Application?
§ 3.02 RESPA Regulation X Definition
§ 3.03 Other Regulatory Definitions
§ 3.04 Preapprovals
§ 3.05 Worksheets or Pre-Loan Estimate Statements
§ 3.06 Consumer Acknowledgments
CHAPTER 4 SCOPE AND COVERAGE
§ 4.01 Scope and Coverage
§ 4.02 The View From Regulation X
§ 4.03 The View from Regulation Z
§ 4.04 The Mortgage Hangers-On
CHAPTER 5 NEW FORMS—LOAN ESTIMATE AND CLOSING
§ 5.01 Summary
§ 5.02 Loan Estimate
§ 5.03 Closing Disclosure
§ 5.04 Recordkeeping Requirements
CHAPTER 6 SPECIAL INFORMATION BOOKLET
§ 6.01 Summary and Background
§ 6.02 What the DI Rule Provides
§ 6.03 Reminder on Homeownership Counseling Organization Lists
CHAPTER 7 OTHER CHANGES
§ 7.01 Notices of Transfer or Assignment
§ 7.02 Preemption
§ 7.03 Buydowns, Rebates, and Loan Premiums
§ 7.04 Construction Loans
§ 7.05 Escrow Closing Notice
§ 7.06 Interest Rate and Payment Summary Table
§ 7.07 Prepayment Penalties
§ 7.08 Reverse Mortgages
§ 7.09 Credit Extended to Certain Trusts
§ 7.10 Reflection of Legal Obligation and Use of Estimates
§ 7.11 Mortgage Insurance and its Functional Equivalents
§ 7.12 Record Retention
CHAPTER 8 LOAN ESTIMATE—PAGE ONE
§ 8.01 Layout
§ 8.02 Disclosure Items
CHAPTER 9 LOAN ESTIMATE—PAGE TWO
§ 9.01 Layout
§ 9.02 Disclosure Items
CHAPTER 10 LOAN ESTIMATE—PAGE THREE
§ 10.01 Layout—Closing Cost Details
§ 10.02 Disclosure Items
CHAPTER 11 CLOSING DISCLOSURE—PAGE ONE
§ 11.01 Layout
§ 11.02 Disclosure Items
CHAPTER 12 CLOSING DISCLOSURE—PAGE TWO
§ 12.01 Layout
§ 12.02 Disclosure Items
Exhibit 12-1 Appendix E to Regulation X (RESPA)
CHAPTER 13 CLOSING DISCLOSURE—PAGE THREE
§ 13.01 Layout
§ 13.02 Disclosure Items
CHAPTER 14 CLOSING DISCLOSURE—PAGE FOUR
§ 14.01 Layout
§ 14.02 Disclosure Items
CHAPTER 15 CLOSING DISCLOSURE—PAGE FIVE
§ 15.01 Layout
§ 15.02 Disclosure Items
CHAPTER 16 TWISTS AND TURNS: NEWS FOR NERDS
§ 16.01 The Statutory Basis for and CFPB’s Use of Regulatory Flexibility
§ 16.02 Discarded Disclosure Items
§ 16.03 Potential Civil Liability
§ 16.04 Errors in the DI Rule
§ 16.05 Questions
Exhibit 16-1 TILA-RESPA Integrated Disclosure Items New, Altered, and Discarded
Exhibit 16-2 TILA-RESPA Disclosure Integration Rule, Published December 31,
2013 Adjustments Requiring Exercise of CFPB Exemption or Other
CHAPTER 17 IMPLEMENTATION CHECKLISTS
§ 17.01 Planning Steps
§ 17.02 Implementation Checklist—Creditors
§ 17.03 Implementation Checklist—Mortgage Brokers
§ 17.04 Implementation Checklist—Settlement Agents