BTC News Bulletin - November 2013

Dear Customers, Clients, and Friends, 

The Consumer Financial Protection Bureau (CFPB) today released its regulation to combine federal disclosure forms to make the loan settlement and closing process simpler and easier to understand for consumers. To that end, the CFPB has introduced in its final rule a new Closing Disclosure form, which will replace the HUD-1 settlement Statement and the final Truth in Lending (TIL); and a Loan Estimate form, which will replace the Good Faither Estimate (GFE) and the early TIL.

The implementation of the new rule is set for August 1, 2015, which gives the industry 21 months to prepare for the new disclosures. The links below provide a brief explanation of the goals of the proposed changes, as well as examples of the new forms.

While these new rules may not affect you directly today, this legislation will certainly require some significant changes to the mortgage and real estate industry in the mortgage and closing has a final implementation date and will affect your business dramatically in the months and years ahead. As further changes and announcements are made, we will endeavor to get them out to you as quickly as possible. Please feel free to call us with any questions that you have or any specific issues or concerns.

AS ALWAYSI welcome your comments and calls! I can be reached on my direct line at

301-261-8177 and by e-mail at



John M. Brennan



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