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Truth in Lending - RESPA

Integrated Disclosures


On November 20, 2013, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), the Consumer Financial Protection Bureau (“CFPB”) finalized its final rule integrating the mortgage disclosures consumers receive pursuant to the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (“RESPA”).

The Rule created two new forms called the Loan Estimate and Closing Disclosure.  The Loan Estimate integrates the Good Faith Estimate and initial Truth in Lending Statement.  The Closing Disclosure integrates the HUD-1 Settlement Statement and final Truth in Lending Statement.  The purpose of these forms is to make it easier for consumers to understand the details and terms of their mortgage transaction in order to make more informed decisions.

The final rule applies to covered transactions (most closed-end consumer mortgage loans) for which a creditor receives an application on or after October 3, 2015.

Vesta prides itself on providing thorough information and explanations to its agent clients and consumers on all aspects of their transactions.  Consistent with our reputation for education, we have provided sample forms and a brief video below explaining the new rule.  We encourage you to contact us with any question you may have regarding this information and look forward to seeing you at our settlement table in the near future.

Video Resources

RESPA Integrated Disclosures for 2015

Title Insurance Basics