Today, the CFPB issued its long-awaited final rule consolidating the application and closing disclosures required by the Real Estate Settlement Procedures Act and Truth in Lending Act for mortgage loan transactions.  The new disclosure forms, which the CFPB have made the centerpiece of its “Know Before You Owe” efforts, consist of a three-page “Loan Estimate” and a five-page “Closing Disclosure.”  The forms are part of a 1887-page final rule

Creditors will be required to begin using the new forms by August 1, 2015.  We are preparing a legal alert to provide details on the final rule and will make the alert available on the blog.