An Express Article from the California Land Title Association
Bulletin 13/14-46 - November 20, 2013
The CFPB just published the new rule addressing the TILA/RESPA Integrated Closing Disclosure. The Final Rule can be found here.
Effective date of the rule is 8/1/2015:
The rule will go into effect on August 1, 2015. CLTA and ALTA advocated pushing the enactment date of this rule back as far as possible to give the title industry the ability to retool operations, software, and other affected procedures.
Affected loans will require new disclosures:
All affected loans originated after August 1, 2015 will require, among other things, the following new mortgage disclosures:
As CLTA learns more, we will share additional information:
The CLTA is actively reviewing the rule and will provide ongoing communication about how it impacts you along with educational outreach as we review the rule with our member companies.CLTA will also continue to work closely with the American Land Title Association (ALTA) and directly with the CFPB for information and advocacy related to this rule.