Within the Dodd-Frank Wall Street Reform Act the CFPB was instructed to take the four disclosure forms received by Consumers when financing a home and combine them into one form in order to achieve better understanding and transparency.
The CFPB’s goals were to help Consumers avoid costly surprises at the closing table; allow them to achieve easier comparisons of the estimated and final loan terms and fees; give them more time to consider choices and to put limits on closing cost increases.
The CFPB had to take various existing Acts, including RESPA and TILA, then reconcile differing timing requirements in order to create one disclosure form that would replace the
- Early TILA
- GFE
- Late TILA
- HUD1 Settlement Statement
1,888 pages later we had the final rule on 11/20/2013.