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CFPB Integrated Mortgage Disclosures

ALTA Congressional Testimony

Legislative Proposals to Improve Transparency and Accountability at the CFPB

Rob Chapman - May 20, 2014

The Consumer Financial Protection Bureau (CFPB) has released its final rule for new integrated mortgage disclosures. The rule integrates forms required under the Truth-in-Lending Act (TILA) and Real Estate Settlement and Procedures Act (RESPA). This page will provide details and information to help ALTA members implement and comply with the rule.

The closing process will significantly change as a Loan Estimate will replace the current Good Faith Estimate and early TIL disclosure, while a Closing Disclosure will replace the HUD-1 and final TIL disclosure.

The CFPB has given an implementation deadline of August 1, 2015.

Submit Your Questions/Comments about the rule to ALTA here

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ALTA Blog

Follow ALTA’s blog for updates and analysis of the rule, as well as answers to questions about the disclosures that were submitted to ALTA.

What You Can Do

Join the Title Action Network to keep up-to-date about the rule and how you can take action.

Conference Calls/Presentations/Webinars

  • Register for our next webinar “Prepare Now for the CFPB's Integrated Mortgage Disclosures” – 3:00-4:30 p.m. ET, Tuesday, May 20, 2014
  • Video recording of general session panel “What Does the CFPB Mortgage Disclosure Rule Mean to You?” from the 2014 Business Strategies Conference – March 13, 2014
  • Audio recording of professional development session “The Closing Disclosure Form - From start to Finish” – March 13, 2014
  • A New Era in Closings [PDF] – November 21, 2013
  • Click here to view past presentations

Report RESPA Violations

If you want to report a possible violation of the Real Estate Settlement and Procedures Act (RESPA), email whistleblower@cfpb.gov. Include any evidence and contact information so that investigators may contact you. To the extent consistent with law enforcement needs, the Bureau will not disclose your identity and will maintain confidentiality as permitted by federal laws.


News on the Consumer Financial Protection Bureau

July 31, 2014 CFPB Proposal Would Create Yelp-like System for Financial Services
The Consumer Financial Protection Bureau has proposed a new policy that would allow consumers to publicly voice their complaints about consumer financial products and services. Companies will be given the opportunity to post a response that would appear next to the consumer’s complaint. The proposal would essentially create a federally system similar to Yelp, which is an online guide and business review site.
July 29, 2014 ALTA Meets with CFPB to Discuss Implementation Challenges of New Disclosures
With implementation of the Consumer Financial Protection Bureau’s new integrated mortgage disclosures only a year away, member of ALTA’s Integrated Mortgage Disclosures Task Force met with 12 members of bureau staff to discuss implementation challenges and share suggestions to ensure more consistent interpretations of the rule. Read on to find out what ALTA's Task Force suggested the CFPB do to aid implementation and ensure more consistent interpretations of the rule.
July 15, 2014 CFPB to Hold Field Hearing in Texas on Consumer Complaints
The Consumer Financial Protection Bureau will hold a field hearing at 10:30 a.m. MDT, Thursday, July 17, to address consumer complaints. The event will be streamed live on the CFPB’s blog.
July 1, 2014 The New CFPB Rule, Data Sharing and Archive
The industry must work together to develop a standard for passing data between the Loan Estimate and Closing Disclosure when the new forms go into effect August 2015.
June 24, 2014 Follow ALTA’s Blog for Updates on CFPB’s Final Rule for Integrated Mortgage Disclosures
June 17, 2014 House Committee Approves Bill to Create Small Business Advisory Board at CFPB
May 20, 2014 ALTA President to Testify Before Congress
May 20, 2014 Owner’s Policies Labeled 'Optional' But Education Is Not
May 13, 2014 Prepare Now for the CFPB's Integrated Mortgage Disclosures
May 13, 2014 GSEs to Hold Webinar on Uniform Closing Dataset
May 6, 2014 CFPB Seeks Participants for E-closing Pilot Program
April 29, 2014 ALTA CEO Participates in Forum Addressing Mortgage Closing Process
April 22, 2014 CFPB Releases Guide to Complete Integrated Mortgage Disclosures
April 22, 2014 View Livestream of CFPB's Forum on Improving the Closing Process on Wednesday
April 15, 2014 ALTA Discusses Calculating Simultaneous Issue Rates on New Integrated Mortgage Disclosures With CFPB
April 8, 2014 Bipartisan CFPB Reform Legislation Introduced with ALTA Input
April 1, 2014 CFPB Releases Compliance Guide for Integrated Mortgage Disclosures
March 25, 2014 ALTA Blog: What Document Should Be Used for Sellers After Aug. 1, 2015?
March 25, 2014 GSEs Publish Uniform Closing Dataset to Support CFPB’s Closing Disclosure
March 18, 2014 Top Ops Hurdles Created by CFPB Disclosures
February 11, 2014 ALTA Encourages Consumer Education, Uniformity of Documents to Improve Closing Process
January 28, 2014 CFPB Updates Settlement Cost Booklet
January 21, 2014 3 Things Not Included in the CFPB’s Final Integrated Disclosures Rule
January 7, 2014 CFPB Seeks Info to Improve Closing Experience
November 26, 2013 CFPB Releases Final Regulation for Integrated Mortgage Disclosures
November 19, 2013 ALTA CEO to Testify during CFPB Field Hearing on Integrated Mortgage Disclosures
November 19, 2013 Report: New Integrated Mortgage Disclosures to Go Into Effect August 2015
Bloomberg | November 19, 2013
July 16, 2013 CFPB Updates Timeline for Release of Final Mortgage Disclosure Rule
July 9, 2013 Three Things to Prepare Now for New Mortgage Disclosures
July 2, 2013 CFPB Director Acknowledges ALTA Concerns with Three-day Rule
December 18, 2012 UPDATE: CFPB Says Disclosure Testing Not Intended for RESPA-TILA Forms
November 8, 2012 ALTA Urges CFPB to Preserve Role of Independent Third-party Settlement Agents
November 1, 2012 Title Agents, Attorneys Should Prepare for Software/Hardware Changes to Accommodate Proposed Mortgage Disclosures
September 27, 2012 Tips on Commenting to CFPB About Proposed Mortgage Disclosures
September 20, 2012 CFPB: New Mortgage Disclosures Won’t Saddle Industry with Major Cost Increase
September 18, 2012 Title Agents, Settlement Service Providers Respond to Requests from Third-party Vetting Companies
September 18, 2012 Ten Associations Urge CFPB to Adopt Broad Qualified Mortgage Rule, Safe Harbor
September 13, 2012 Market Demands on Lenders Impacting Settlement Service Providers
September 11, 2012 ALTA Joins Letter Urging CFPB to Drop ‘All In’ APR Proposal
September 6, 2012 CFPB Extends Comment Period for Proposed Finance Charge Changes
August 14, 2012 ALTA Members Can Access Webinars on CFPB’s Proposed Regulations and Mortgage Disclosures
August 9, 2012 ALTA Webinar Discusses How CFPB's Proposed Three Day Rule Will Impact Business
July 31, 2012 ALTA Webinar Analyzes CFPB’s Proposed Loan Estimate and Closing Disclosure
July 17, 2012 ALTA Hosts Conference Call With More than 300 Members to Discuss CFPB Proposed Rule and Mortgage Disclosures
July 10, 2012 Some Positive Signs in CFPB’s Proposed Rule, but Industry’s Role in Transaction Could Be Threatened
June 21, 2012 ALTA President Outlines Principles for Successful Mortgage Disclosures during Congressional Hearing
June 19, 2012 ALTA President to Testify during Congressional Hearing on Mortgage Disclosures
June 19, 2012 ALTA Hosts Successful Roundtable with CFPB on New HUD-1
June 5, 2012 ALTA Urges CFPB to Improve Average-Charge Regulations
May 25, 2012 CFPB Roundtable with ALTA Members
May 10, 2012 Efforts to Create New HUD-1 Debated at Federal Conference
April 23, 2012 ALTA Comments on Final Draft of New HUD-1
April 23, 2012 Borrowers Receive Between 2-3 Good Faith Estimates Per Transaction According to ALTA Survey
April 17, 2012 ALTA Comments on Last Draft of New HUD-1; New Forms Will Be Proposed in July
April 2, 2012 New Closing HUD-1 at the Top of CFPB's Agenda Says CFPB Director to Chamber of Commerce and House Financial Services Committee
March 27, 2012 A New HUD-1 is Coming . . . Will You Be Ready?
March 26, 2012 ALTA Participates in CFPB Roundtable on RESPA/TILA Forms
March 19, 2012 ALTA to Participate in CFPB and Small Business Administration Panel on RESPA/TILA Forms and Other Upcoming Rules
March 15, 2012 ALTA Details Implementation Cost of CFPB’s Draft Mortgage Disclosure on Settlement Providers
March 8, 2012 ALTA Members Share Concerns of Draft Mortgage Disclosures With Small Business Panel
February 28, 2012 Four ALTA Members to Participate on Small Business Panel Addressing New Mortgage Disclosure Forms
February 23, 2012 CFBP Considering Two Options for Delivery of New HUD-1 to Consumer
February 21, 2012 CFPB Releases Final Round of Draft Disclosure Forms
February 21, 2012 Small Business Panel to Review Impact of New Disclosures
February 2, 2012 Deadline for New HUD-1 Rules Nears; ALTA Asks for Opportunity to Review
January 26, 2012 CFPB Releases Third Round of New Closing Disclosure Prototypes
January 3, 2012 ALTA Letter to CFPB Highlights Concerns of Latest Draft Closing Disclosure
December 20, 2011 Deadline Dec. 21 to Comment on Second Round of Draft Settlement Disclosure Form
December 15, 2011 CFPB Releases Second Round of Draft Settlement Disclosure Form
December 6, 2011 ALTA Task Force Meets With CFPB; Shares Concerns of Draft Final Disclosure
November 22, 2011 ALTA RESPA Task Force Comments on First Round of Draft Final Disclosure
November 8, 2011 CFPB Unveils Initial Drafts of Closing Disclosure
November 8, 2011 ALTA RESPA Task Force Addresses Concerns Over Initial Mortgage Disclosure
October 18, 2011 CFPB Unveils Latest Round of Disclosure Prototype; Turns Sights to Closing Document
October 11, 2011 CFPB Says One More Round of Mortgage Disclosure before Turning to HUD
October 4, 2011 RESPA Task Force to Press CFPB About New HUD-1, Mortgage Disclosures
September 22, 2011 ALTA Submits Letter to CFPB Addressing Mortgage Disclosure Issues
September 13, 2011 CFPB Releases Fourth Round of Combined Mortgage Disclosure Forms
August 11, 2011 ALTA Comments on Third Round of Mortgage Disclosure Forms
July 14, 2011 ALTA President Shines During Congressional Hearing
July 7, 2011 ALTA Addresses Problems of Roll-up Lines and Lack of Itemization on HUD-1
May 19, 2011 ALTA Urges Members to Comment on CFPB’s Initial Mortgage Disclosure Prototypes
November 23, 2010 ALTA’s RESPA Task Force Meets with CFPB Leadership

For More Information Contact

    Justin B. Ailes
Vice President of Government & Regulatory Affairs
E-Mail: jailes@alta.org
Phone: 202-296-3671 Ext. 215
Contact Me About: Federal Legislative and Regulatory Issues, NAIC

    Steve Gottheim
Legislative & Regulatory Counsel
E-Mail: sgottheim@alta.org
Phone: 202-296-3671 Ext. 230
Contact Me About: Federal Legislative and Regulatory Issues, Legal Issues, Best Practices Inquiries

    Jessica McEwen
Director of Political Affairs
E-Mail: jmcewen@alta.org
Phone: 202-296-3671 Ext. 233
Contact Me About: Federal Legislative and Regulatory Issues, TIPAC

    S. Madeleine Nagy
Director of State Government Affairs
E-Mail: mnagy@alta.org
Phone: 202-296-3671 Ext. 329
Contact Me About: State Government Affairs Issues



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