Q: What type of mortgage loans will be affected
by the new Loan Estimate and Closing Disclosure forms going into effect in
A: The new TILA/RESPA
integrated mortgage disclosures will apply to most closed-end consumer
mortgages. The new rule will not apply
- 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,