Regulations

Would you rather face RESPA-TILA disclosure rule, or zombie apocalypse?

Integrated mortgage disclosures coming in 2015

The 1,888-page RESPA-TILA Integrated Mortgage Disclosures Rule issued by the Consumer Financial Protection Bureau and taking effect next year "isn't a brain-eating zombie," but "it certainly feels like a monster." So say Ellie Mae's Angela Cheek and John Haring in a guest piece for National Mortgage News that boils down to a pitch for the company's Encompass mortgage origination platform. Cheek and Haring are taking a page from the playbook of the Centers for Disease Control and Prevention, which has jokingly posted tips for preparing for a zombie apocalypse, including items to stock in an emergency kit, in the hopes that it will help people get ready for real disasters. When the RESPA-TILA rule takes effect next year, it will integrate information currently provided to consumers in four separate documents to satisfy the Real Estate Settlement Procedures Act (RESPA) and the Truth in Lending Act (TILA), boiling it down to two documents: a loan estimate and closing disclosure. ...

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