CFPB releases updated rules Readiness Guide
New guide includes TILA-RESPA Integrated Disclosure rule
The Consumer Financial Protection Bureau has released an updated rules Readiness Guide that includes the TILA-RESPA Integrated Disclosure. Find the Readiness Guide here.
"This update offers financial institutions and other industry participants valuable guidance on how to evaluate their readiness for complying with the mortgage rule changes," the bureau said in a press release.
The updated guide addresses changes made to Regulation Z, which implements regulation for the Truth in Lending Act (TILA), and Regulation X, which covers the Real Estate Settlement Procedures Act (RESPA).
The release is a welcome one for lenders and compliance firms, who have been struggling to interpret some of the CFPB's rules ahead of the implementation date next August.
"Obviously there is a lot of fear, uncertainty and doubt in the industry with the TILA-RESPA ruling beginning to dominate conversations, and there is no doubt Aug. 1, 2015 is going to happen," said Mark McElroy, president and CEO of Pavaso, one of the companies chosen by the CFPB for their eClosing pilot program. "I believe everyone needs to explore the solutions that have taken into account every nuance of the ruling and the business impacts now."