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Comp Blog

Q&A: Mortgages Affected by New Integrated Disclosures

By: Danielle Wright

CommentThursday - February 27, 2014

Q:  What type of mortgage loans will be affected by the new Loan Estimate and Closing Disclosure forms going into effect in August 2015?

A:  The new TILA/RESPA integrated mortgage disclosures will apply to most closed-end consumer mortgages.  The new rule will not apply to:

  • Home equity lines of credit;
  • Reverse mortgages, or
  • Mortgages secured by a mobile home or by a dwelling that is not attached to real property.

Credit unions will continue to use the existing RESPA forms (the Good Faith Estimate and the HUD settlement forms) for reverse mortgages until the CFPB addresses them in a separate, future rulemaking.

For more information on the new TILA/RESPA Integrated Disclosure rule, see CUNA’s Compliance Highlights.






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