What is the Consumer Financial Protection Bureau?
For more than 30 years, federal law has required lenders to provide two disclosure forms to consumers when they apply for a mortgage and two additional short forms before they close on the home loan. These forms were developed by different federal agencies under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). To help simplify matters and avoid the confusing situations consumers have often faced when purchasing or refinancing a home in the past, the Dodd-Frank Act provided for the creation of the Consumer Financial Protection Bureau (CFPB) and charged the bureau with integrating the mortgage loan disclosures under the TILA and RESPA.
**Disclaimer: This tool is provided for general informational purposes only. The CFPB Rule that determines the time periods for consummation used in this tool provides circumstances under which these time periods may be shorted or extended. Each transaction is different, and the final authority and responsibility for determining consummation date resides with the lender. While we strive to provide accurate information, we do not guarantee that it is complete, current or applicable to your particular transaction. Please consult your Escrow or Loan Officer for the actual consummation date for your transaction.