The Consumer Financial Protection Bureau (CFPB) published a final rule to implement the new integrated disclosures on November 20, 2013. The rule completes the Dodd-Frank mandate to combine the disclosures required by the Truth-in-Lending (TILA) and Real Estate Settlement Procedure Acts (RESPA).The Understanding and Implementing the Integrated Disclosures Training Manual explains the new disclosures for closed-end consumer credit transactions secured by real property contained in §1026.19, 1026.37, and 1026.38.
The new Loan Estimate form combines the old Good Faith Estimate with an early Truth in Lending Disclosure. The new Closing Disclosure combines the old HUD-1/A with the final Truth in Lending Disclosure. The forms are different, as are the rules surrounding the forms. Coverage, timing and many other requirements have changed.This manual covers the hundreds of pages of new regulations regarding the integrated disclosures, including the general rules from §1026.19; the content rules and the detailed instructions for completing the loan estimate from §1026.37; and the content rules and the detailed instructions for completing the closing disclosure from §1026.38