On November 20, 2013, in a broadcast streamed live on the internet, the CFPB unveiled the long awaited final rule that contains the Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act (“RESPA”), Regulation X, and the Truth-In-Lending Act (“TILA”), Regulation Z.
The final rule applies to most closed-end consumer mortgage loans (including timeshare estate products), but explicitly exempts home equity lines of credit, reverse mortgages, mortgage loans secured by a mobile home or by a dwelling that is not attached to real property, and loans made by a creditor who makes five or fewer mortgages in a year. The new rule is effective, and new disclosures will be required to be given to consumers for applicable mortgage applications received on or after August 1, 2015.
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