The Consumer Financial Protection Bureau (CFPB) has announced it will be holding a free webinar on March 1 from 2-3 p.m. ET to “address specific questions relating to the Know Before You Owe mortgage disclosure rule and construction lending.” The webinar will be hosted by the Federal Reserve.
The mortgage lending rules instituted last fall eliminated the Good Faith Estimate, the Truth in Lending and HUD-1 Settlement Statements and replaced them with the CFPB’s new integrated disclosure forms, the “Loan Estimate” and the “Closing Disclosure.”
The biggest change is that the Closing Disclosure must be provided to the consumer a full three days prior to closing, and if there are certain changes during that 72-hour period, the closing could be delayed. The three-day period is designed to give consumers more time to review their loan documents.
View CFPB resources and previous webinars to help you comply with the lending rules.
Learn more about the new rules and download resources to help you comply.