Effective date of Know Before You Owe Mortgage Disclosure rule
The CFPB has issued a proposed amendment to delay the effective date of the Know Before You Owe rule until October 3, 2015.
New consumer guide replaces settlement cost booklet
Your Home Loan Toolkit is designed to be used in connection with the new Loan Estimate & Closing Disclosure forms. It will replace the current Settlement Cost booklet when the TILA-RESPA Integrated Disclosures go into effect on August 1, 2015. We’re providing the toolkit well ahead of the effective date to allow time to order or print the new toolkit and integrate electronic versions into mortgage origination systems.
If, after reviewing the resources on the Regulatory Implementation page and the related regulation(s) and commentary, you have a question regarding regulatory interpretation, please email CFPB_reginquiries@cfpb.gov with your specific question, including reference to the applicable regulation section(s).
Resources to help you comply
Compliance guide: A plain-language guide to the new rules in a FAQ format which makes the content more accessible for industry constituents, especially smaller businesses with limited legal and compliance staff.
Guide to forms: Provides detailed, illustrated instructions on completing the Loan Estimate and Closing Disclosure.
Closing factsheet: An overview of the limited circumstances when changes to the loan require a new three-day review.
Disclosure timeline: Illustrates the process and timing of disclosures for a sample real estate purchase transaction.
Integrated loan disclosure forms & samples: Downloadable Loan Estimate and Closing Disclosure forms in both English & Spanish and samples for different loan types.
Videos: A series of webinars to address implementation of the new rule. Please note that registration is required to view the recordings. Topics include an overview of the final rule, frequently asked questions, loan estimate form, and the closing disclosure form. Use the question index to find out which questions were answered and when during the webinar series.
Supervision and examination materials
Our Readiness Guide provides guidelines for institutions to evaluate their readiness and help them comply with the mortgage rule changes made through August 1, 2014.
Freddie Mac and Fannie Mae have released a common industry dataset, called the Uniform Closing Dataset, which leverages and maps to Mortgage Industry Standards Maintenance Organization (MISMO) data standards, to support implementation of the TILA/RESPA Closing Disclosure form. MISMO is developing a corresponding mapping dataset for the Loan Estimate that will be available soon.
These are downloadable versions of the models and samples that were published in the rule.
Blank model loan estimate fields annotated to show rule citations
Blank model loan estimate form that illustrates the application of the rule’s content requirements (en Español)
Blank model loan estimate that illustrates the application of the optional alternative tables for transactions without a seller (en Español)
Sample of completed loan estimate for fixed rate loan
Sample of completed loan estimate for interest only, adjustable rate loan (en Español)
Sample of completed loan estimate for refinance (en Español)
Sample of completed loan estimate for balloon payment (en Español)
Sample of completed loan estimate for negative amortization (en Español)
Blank closing disclosure with fields annotated to show rule citations
Blank closing disclosure that illustrates the application of the rule’s content requirements (en Español)
Blank closing disclosure that illustrates the alternative disclosures and modifications permitted for transactions without a seller (en Español)
Blank closing disclosure that illustrates disclosure provided to seller
Blank page 2 of closing disclosure that illustrates modifications to closing cost details
Sample of a completed closing disclosure for fixed rate loan (companion to sample loan estimate above) (en Español)
Sample of a completed closing disclosure for refinance (companion to sample loan estimate above) (en Español)
Sample of the completed closing disclosure for refinance transaction where the closing costs have increased in excess of the good faith requirements
Sample of a completed closing disclosure for refinance in which the consumer must pay additional funds to satisfy the existing mortgage loan securing the property and other existing debt to consummate the transaction
Sample page 3 of closing disclosure (summaries of transactions) for disclosure of consumer funds from a simultaneous second-lien credit transaction
Sample page 3 of closing disclosure (summaries of transactions) for disclosure of funds paid outside of closing
Other blank forms and samples
Blank model form for the written list of settlement service providers
Sample of written list of providers you can shop for
Sample of written list of providers you cannot shop for
Blank model form of the escrow cancellation notice
Email comments about these implementation materials and this web page to CFPB_MortgageRulesImplementation@cfpb.gov. Your feedback is crucial to making these materials and this page as helpful as possible.
The Bureau’s implementation aids, including compliance guides, videos, and charts, do not represent official Bureau interpretations and should not be taken as legal advice.