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From Banking and Finance Law Daily, August 30, 2017

CFPB releases support material for 2017 TILA-RESPA Rule

By John M. Pachkowski, J.D.

In connection with its July 2017 final rule updating its "Know Before You Owe" mortgage disclosure rule, the Consumer Financial Protection Bureau has released support material to assist stakeholders in implementing the final rule.

The CFPB’s final rule, dubbed the "2017 TILA-RESPA Rule," modified the mortgage disclosure requirements under the Real Estate Settlement Procedures Act and the Truth in Lending Act that are implemented in Reg. Z. The 2017 TILA-RESPA Rule "formaliz[ed] guidance in the disclosure requirements and provided] greater clarity and certainty" (see Banking and Finance Law Daily, July 7, 2017).

The support material, entitled "2017 TILA-RESPA Rule: Detailed Summary of Changes and Clarifications," provides a comprehensive summary of the 2017 TILA-RESPA Rule, as well as examples of how to apply the final rule’s provisions.

Items covered by the support material include:

  • effective date and mandatory compliance date, including an optional compliance period;
  • application of the mortgage disclosure requirements to cooperative units and trusts;
  • treatment of tolerances and good faith requirements;
  • shopping for settlement services;
  • principal curtailments;
  • total of payments disclosure;
  • simultaneous subordinate lien loans;
  • construction loans;
  • the use of positive and negative numbers for certain disclosures;
  • payoff disclosures; and
  • separation of consumer and seller information on closing disclosures

The CFPB stressed that the support material "is not a substitute for reviewing the 2017 TILA-RESPA Rule" and that "the 2017 TILA-RESPA Rule is the definitive source regarding its requirements."

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