RESPA changes in 2015

In November, NAR members heard fromReal Estate Settlement Procedures Act (RESPA) attorney Phil Schulman about the Consumer Financial Protection Bureau's (CFPB) changes to RESPA and the Truth in Lending Act (TILA) under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The new rule combines the Good Faith Estimate with the Truth in Lending (TIL) disclosure, now called the "loan estimate," and the HUD-1 settlement statement with the final TIL, now called the "closing disclosure." Perhaps the greatest change is that the closing disclosure must be in the hands of the consumer three days before closing. 

Click here to view Phil Schulman's PowerPoint presentation. Click here for more information.