What is CFPB?
The Dodd Frank Act went into effect on October 3, 2015 creating the Consumer Financial Protection Bureau (CFPB). The goal being to make sure new disclosure forms aren't confusing and that consumers can be sure of what they are signing, what fees they are paying, and their options to shop and compare certain services.
New Forms, New Rules
The new Loan Estimate and Closing Disclosure forms replace 4 old forms: the Good Faith Estimate, Early TILA, HUD 1 Settlement Statement, and Final TILA. The new forms are clearer about all the costs related to a consumer loan, giving every consumer the power to make and informed decision about what they can afford.
Texas Regional Title want to make the transition to the new CFPB regulations as seamless as possible. Below please find a few helpful guides to give you a better understanding of the new laws. Our team is happy to assist with any questions you may have and we look forward to working with you under the new guidelines.