The mortgage industry has seen substantial change over the past few years. The Consumer Financial Protection Bureau (CFPB) introduced new Integrated Disclosure rules that amend existing requirements for mortgage disclosures:
Effective with RESPA applications received October 3, 2015, The Good Faith Estimate and Initial Truth in Lending Disclosure will be replaced with the “Loan Estimate” Disclosure. The HUD-1 Settlement Statement and Final Truth in Lending Disclosure will be replaced with the “Closing Disclosure”. PrimeLending is working diligently to prepare for the October 3rd implementation date and in an effort to keep our business partners informed, we compiled a brief FAQ on the new forms.
We will continue to enhance our procedures and share relevant information related to the implementation of the new rule as we get closer to October 3rd.