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CFPB Proposes Two TILA-RESPA Changes
Tuesday, October 14, 2014 6:30 AM

The Consumer Financial Protection Bureau has proposed two changes to the upcoming Truth in Lending Act-Real Estate Settlement Procedures Act (TILA-RESPA) integrated disclosures rule.

The first would give creditors extra time to provide consumers with a revised loan estimate form after the consumer has locked in a floating interest rate. The current rule requires creditors to provide the revised form the same day.

According to the CFPB, feedback from stakeholders has led the agency to believe the short turnaround may be challenging for creditors, particularly if consumers lock in their estimate late in the day or after business hours. The revised rule would give creditors until the next business day to provide the revised loan estimate form.

The second change is an addition to the loan estimate form, relating to construction loans that can take longer than 60 days to settle. The change would allow creditors to include language informing consumers that a revised loan estimate form may be issued for a construction loan that is expected to take more than 60 days to settle.

The rule will become effective Aug. 1, 2015.

Cornerstone encourages credit unions to comment on the changes, which are due by Nov. 10. If you have questions or help with writing your comment letters, contact Suzanne Yashewski at