Closers shouldn’t wait for final rules to prepare for CFPB’s new mortgage disclosures

It’s been almost one year since the Consumer Financial Protection Bureau proposed rules and forms that will merge the various application and closing disclosures required under the Real Estate Settlement Procedures Act and the Truth in Lending Act. Final forms are still likely months away; however, an industry expert says settlement service providers should take action now to help smooth the transition to the forthcoming disclosures. Read on for the details and to learn what the CFPB has been up to since it released its proposed disclosures last year.