Archive: 12 December 2013

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K&L Gates Legal Insight: The Wait is Over. The Anxiety Begins. The CFPB Issues its Final Rule to Combine RESPA and TILA Mortgage Disclosures

K&L Gates Legal Insight: The Wait is Over. The Anxiety Begins. The CFPB Issues its Final Rule to Combine RESPA and TILA Mortgage Disclosures

By: Phillip L. Schulman, Holly Spencer Bunting

Well, the wait is over. After 16 months and much anticipation, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) released a 1,888-page final rule on November 20, 2013 to combine mortgage disclosures required under the Real Estate Settlement Procedures Act (“RESPA”) and the Truth in Lending Act (“TILA”). With an August 1, 2015 effective date, the anxiety for lenders, title companies, and real estate brokers has just begun.

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