The rules for how lenders are required to disclose mortgage
information to home buyers are about to change dramatically. In the
interest of a smoother transition, The Consumer Financial Protection Bureau has
delayed the effective date of these rules, known as the TILA-RESPA Integrated
Disclosure Rules, from August 1, 2015 to October 3, 2015.
Mortgage lenders will face new requirements for providing
financing information to home buyers during the mortgage application process.
These rules will also affect how real estate attorneys and brokers manage the conclusion
of a transaction because lenders will be required to send home buyers specific
disclosures before a closing can occur and certain financial details of a
transaction cannot be altered without a new disclosure form being issued.
Real estate professionals are encouraged to advise their
clients who are close to choosing a home and applying for a mortgage to inquire
with their lender about how these new rules may affect their mortgage
application.
For more information about the new disclosure rules, please
visit the Consumer
Financial Protection Bureau website.
