On November 20, 2013, the Consumer Financial Protection Bureau (CFPB) issued its final rule to integrate the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures and regulations. The final rule integrates existing disclosures with new requirements from the Dodd-Frank Act to improve consumer understanding of the mortgage process, aid in comparison shopping, and help to prevent surprises at the closing table. The new rule and changes go into effect on August 1, 2015 and REALTORS are nervous about how this rule will impact closings.

As a reminder the rule creates a new estimate document that replaces the good faith estimate and the truth-in-lending disclosure. The estimate must be provided to consumers within three business days after the submission of the loan application. In addition, the closing disclosure must be received by the consumer three business days in advance. More information is available here: RESPA TILA Changes