In July, 2016 the CFPB issued proposed amendments to the “TILA-RESPA Integrated Disclosure” rule (81 FR 54318 ). Today, the CFPB has issued a finalization of these amendments, as well as proposing new amendments “addressing when a creditor may use a Closing Disclosure, instead of a Loan Estimate, to determine if an estimated closing cost was disclosed in good faith and within tolerance.” (see https://www.consumerfinance.gov/about-us/newsroom/cfpb-finalizes-updates-know-you-owe-mortgage-disclosure/). The effective date of the finalized amendments is October 10, 2017, but the provisions generally do not become mandatory except for loans, the applications for which are received by a creditor or broker on or after October 1, 2018 (caveats apply).
We are currently reviewing this change to determine any impact to our document library and/or systems and evaluating any necessary changes. Any modifications we make will be announced on our website (http://blog.docutechcorp.com/category/document-updates).