CFPB released the Integrated Mortgage Disclosure Rule also known as "Know Before You Owe." You can find the entire rule, summaries of the rule, and other information by visiting the CFPB Integrated Mortgage Disclosure website.
It is our understanding that these are some of the rule highlights:
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The implementation date is August 1, 2015.
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There is no mandate the lender prepare and deliver the new Closing Disclosure Form. Lenders are allowed to work with settlement agents on this process.
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"All in APR" did not survive. Title and settlement fees are excluded.
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The events that would require a retrigger of a new 3 day time period have been curtailed. A 3 day retrigger would only occur in the event of: significant changes to APR, changes in the loan product, or the addition of a prepayment penalty.
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Saturdays count as a business day only if the lender is open for business on Saturdays.
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The CFPB says consumers can save money if they shop around for their own service providers for title and settlement services.
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The new Loan Estimate Form and Closing Disclosure Form will be available in English and Spanish versions.
CFPB Know Before You Owe fact sheet
In the coming weeks and months you can expect The Fund and Old Republic Title to provide you with all the information you need to know about the new rule. Look for future announcements on updates, webinars and public presentations on the rule and its impact on you, as well as a complete refresh of our CFPB website.
The Fund is always driven to support you and keep you in the game.
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