Consumer Lending, Regulation

CFPB releases revised consumer publications required under TILA, RESPA

cfpbThe CFPB released last week revised publications that lenders are required to provide to consumers under the Truth in Lending and Real Estate Settlement Procedures Act.

The publications—released in conjunction with the effective date of the agency’s new mortgage rules—cover adjustable-rate mortgages, settlement costs and home equity lines of credit and are required to be provided to consumers when they apply for the product.

“The Bureau views the publications as part of the Bureau’s broader mission to educate consumers about consumer financial products,” the CFPB said. “The Bureau…expects to consider further revisions to these publications in the future, in particular to reflect changes to disclosure requirements for mortgage credit transactions under TILA and for real estate settlements under RESPA…”

The CFPB said firms required to provide the publications can immediately begin using the revised publications or “suitable substitutes” in order to comply with RESPA and TILA.

“The Bureau understands, however, that some may wish to use their existing stock of publications,” the CFPB said. “Therefore, those who provide these publications may use earlier versions of these publications until existing supplies are exhausted.”

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