CFPB Meeting on RESPA-TILA
On Tuesday July 29, 2014, NAR met with the Consumer Financial Protection Bureau (CFPB) on the implementation of changes to the Real Estate Settlment Procedures Act (RESPA) and the Truth in Lending Act (TILA). In addition to major changes to the loan disclosure and closing forms themselves, the new rules will require that the settlement statement be completed three days prior to closing. The new forms and rules go into effect one year from now and industry is working diligently to put together systems and train staff to deal with the new forms and rules as well as integrating the new rules with local customs and practices. NAR urged CFPB to convene more industry coordination meetings and include those who develop the software for the industry as well. CFPB agreed with NAR and other industry partners and tentatively scheduled an industry meeting for August 14 with plans for more to come.