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Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z) Rule Assessment

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the Bureau of Consumer Financial Protection (Bureau) to review some of its rules and issue reports within five years after they take effect. These formal reviews are called assessments. In November 2013, the Bureau issued a final Rule, Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z) Rule (the “TRID Rule”), which took effect on Oct. 3, 2015. This report publishes the findings of the Bureau’s assessment of the Rule. The TRID Rule integrated mortgage loan disclosures required by TILA and RESPA and other disclosures required by Congress into two disclosure forms, the “Loan Estimate” and the “Closing Disclosure.” The TRID Rule generally requires that both a Loan Estimate and Closing Disclosure be provided for most closed-end consumer mortgage loans. In its assessment, the Bureau used both its own research and external sources to evaluate the effectiveness of the Rule in meeting (1) the purposes and objectives of the Bureau and (2) the specific goals of the Rule as stated by the Bureau prior to the Rule’s effective date.

Full report

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