Which forms are in & out
on October 3, 2015?
Good Faith
Estimate
Early TILA
Form
New
Loan
Estimate
HUD-1
Settlement
Statement
Final TILA
Form
New
Closing
Disclosure
Out with the old
In with the new*
* As of October 3, 2015 for residential purchase and refinance transactions.
Changes to the Closing
Disclosure Timing
In addition to new forms for residential mortgage
transactions, the new regulations also require delivery
timetables for delivery to consumers, impacting when a
closing can take place and disbursements made. Below is a
preview of how the CFPB regulations will impact the closing
process for transactions that originate after October 3, 2015.
Wednesday
Monday
Tuesday
Thursday
Friday
Saturday
Sunday
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Non-hand Delivery of Closing Disclosure
(i.e. mail)
Three-day delivery period
Delivery of Closing
Disclosure Occurs
Three-day waiting period
waiting cont.
Sunday not
counted
Three-day right of rescission
First day
signing / closing
may occur
(Applicable to most re nances)
First day
disbursement
may occur
on most
re nances
First day
disbursements may
occur for purchase
and some
re nances
Example Closing Calendar
45
WHAT IS CONSUMER FINANCIAL PROTECTION BUREAU? (CFPB)




