CFPB Mortgage Disclosure Rules - An analysis of the Consumer Financial Protection Bureau's "Know Before You Owe" disclosure forms

March 2014

Overview

The Consumer Financial Protection Bureau (CFPB) issued final rules November 20, 2013 that amend existing requirements for mortgage disclosures. The new rules fulfill a Dodd-Frank Act requirement to address duplication of two sets of disclosures that consumers receive under the Truth in Lending Act (TILA) and under the Real Estate Settlement Practices Act (RESPA) in connection with applying for and closing on a mortgage loan.

These new “Know Before You Owe” disclosure forms are intended to help consumers better understand the key terms of a mortgage offered and its associated costs, and to more easily compare different loan offers. This paper provides an analysis of the new mortgage disclosure forms as well as the keys to successfully implementing these changes by the required August 2015 deadline.

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