2015 TILA-RESPA Compliance: Is Your Business Ready?
The long-anticipated Truth-in-Lending (TILA) and Real Estate Settlement Procedures Act (RESPA) changes finalized in 2013 will go into effect August 1, 2015. Real estate closing documentation requirements will change to consolidate four existing TILA and RESPA forms into just two new integrated forms: the Loan Estimate and the Closing Disclosure forms. Sounds simple, doesn’t it? Details of the Rule actually cover 1800 pages!
Use of the new documents will be required for most real estate transactions. Failure to use the new forms will put transactions at risk and can lead to severe consequences for the settlement agent or agency and lenders. Read more>>2015 TILA-RESPA Compliance Whitepaper