Are You Prepared for the Consumer Financial Protection Bureau (CFPB) 2013 Mortgage Rules?

At Alliance, we want to make sure our customers have the information they need as more of the CFPB rule and form changes are scheduled to go into effect. We believe the best way to provide you with information is to direct you right to the source. We hope you find these resources to be helpful as we all navigate through the changes. 

CFPB finalizes the new “Know Before You Owe” Mortgage Forms.

On November 20, 2013, the CFPB released the new mortgage disclosure forms and the rules for implementation. The new forms are the Loan Estimate and the Closing Disclosure and they will replace the Good Faith Estimate, the Truth in Lending Statement and the HUD-1 Settlement statement. The new forms will be required for most transactions involving a mortgage loan that originate and close after August 1, 2015. We encourage you to view the CFPB’s “Know Before You Owe” page and the CFPB press release on the new forms to: 

  • View the new disclosures and learn how they differ from the current forms.
  • Learn about the final 3-day rule for both residential purchase and refinance transactions.
  • View the final rule. 

http://www.consumerfinance.gov/knowbeforeyouowe/ 

http://www.consumerfinance.gov/newsroom/cfpb-finalizes-know-before-you-owe-mortgage-forms/ 

View the CFPB’s training videos.

The CFPB has put together a series of educational videos regarding the 2013 Mortgage Rules. You can watch them all at once or break them into shorter segments. Total viewing time is just over 2 hours of valuable information. 

http://www.youtube.com/playlist?list=PLrfmdUlWzRF1U52P27LgFOK_J-bxemZ4n 

More information.

For additional information, visit the link below to download transcripts, compliance guides and stay up-to-date on the CFPB 2013 Mortgage Rules implementation. 

http://www.consumerfinance.gov/regulatory-implementation/

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