NAR: Update on CFPB and CFPB’s 4th RESPA/TILA Webinar
NAR Comments on RESPA/TILA
On Wednesday October 29, 2014 NAR submitted comments to the Consumer Financial Protection Bureau (CFPB) on changes to the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA) rule. CFPB has proposed giving lenders a full day to re-disclose the loan estimate when the loan is locked in. NAR believes the extra time to disclose will give consumers more flexibility in deciding when to lock in loans because lenders will not have to worry about getting the disclosure to the consumer that same day. NAR also promised to continue to work with CFPB and industry to implement the rule which takes effect August 1, 2015.
NAR Comment Letter: http://www.ksefocus.com/billdatabase/clientfiles/172/3/2150.pdf
CFPB’s 4th RESPA/TILA Webinar
On Tuesday, Nov. 18, 2014 at 2:00 PM EST the Consumer Financial Protection Bureau (CFPB) and the Federal Reserve will hold their 4th webinar on changes to the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA). This webinar will focus on the closing disclosure that will replace the HUD-1 settlement statement. NAR will continue to work with CFPB and industry to implement the rule and educate our members. The rule takes effect Aug. 1, 2015.