As we recently reported, today is a big day for mortgage lenders. The Consumer Financial Protection Bureau (CFPB) is releasing the new integrated disclosures in conjunction with a field meeting scheduled at 11:00 a.m. in Boston. The new Loan Estimate form combines the good faith estimate and the early TIL disclosure. The new Closing disclosure combines the HUD-1 and the final TIL disclosure.
The good news is that use of the new forms will not be mandatory until August 2015. That nearly two year period provides the industry with plenty of time to gear up for implementation of the new forms.
More details about the new forms will be available following the meeting.