CFPB Updates the TILA-RESPA Integrated Disclosure Guide to the Loan Estimate and Closing Disclosure Forms

The CFPB updated the TILA-RESPA Integrated Disclosure Guide to the Loan Estimate and Closing Disclosure Forms (Guide), dated December 2017, to incorporate the final rule that was issued on July 7, 2017 and published in the Federal Register on August 11, 2017.

The updates include changes and clarifications to the following sections of the Guide:

• Updates regarding the Loan Estimate in the General Requirements, General Information, Loan Terms, Projected Payments table, Costs at Closing, Loan Costs and Other Costs, Calculating Cash to Close table, Alternative Calculating Cash to Close table, Comparisons, and Confirm Receipt.
• Updates regarding the Closing Disclosure in the General Requirements, General Information, Costs at Closing table, Other Costs, Calculating Cash to Close table, Summaries of Transactions, Borrower’s Transaction, Seller’s Transaction, Escrow Account, Loan Calculations, and Confirm Receipt.
• Updated discussion of the coverage of TRID with respect to closed-end credit transactions secured by a cooperative unit in various sections of the Guide.
• The updates also include changes regarding providing the revised Loan Estimate and other miscellaneous administrative changes.

The updated Guide is available at: https://s3.amazonaws.com/files.consumerfinance.gov/f/documents/cfpb_kbyo_guide-to-loan-estimate-and-closing-disclosure-forms_v2.0.pdf.