CFPB has issued a Compliance Guide to assist in the implementation of the TILA-RESPA Integrated Disclosure rule effective 8/1/2015.
The Guide:
The CFPB recently finalized the TILA-RESPA Integrated Disclosure rule, which makes mortgage disclosure easier for consumers to understand and use and helps facilitate compliance with TILA and RESPA. The rule takes effect August 1, 2015. Review the executive summary of the rule here.
http://files.consumerfinance.gov/f/201312_cfpb_tila-respa_executive-summary.pdf
Sections 1098 and 1100A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) direct the CFPB to publish rules and forms that combine certain disclosures that consumers receive in connection with applying for and closing on a mortgage loan under the Truth in Lending Act (Regulation Z) and the Real Estate Settlement Procedures Act (Regulation X). Consistent with this requirement, the CFPB is amending Regulations X and Z to establish new disclosure requirements and forms in Regulation Z for most closed-end consumer credit transactions secured by real property. In addition to combining the existing disclosure requirements and implementing new requirements imposed by the Dodd-Frank Act, the final rule provides extensive guidance regarding compliance with those requirements.
EFFECTIVE DATE
This rule is effective August 1, 2015. The final rule applies to transactions for which the creditor or mortgage broker receives an application on or after that date.
http://www.consumerfinance.gov/regulatory-implementation/tila-respa/#disclosures
Here is a summary of the benefits to consumers of the combination of these 2 forms.
http://files.consumerfinance.gov/f/201311_cfpb_tila-respa_what-it-means-for-consumers.pdf
