CFPB Update – Don’t completely give up on the HUD-1

With the upcoming changes to the way consumers receive disclosures regarding mortgages, many are under the mistaken belief that as soon as implementation in 2015, we can say goodbye to the HUD-1 that we’ve become so accustomed.  However, there are certain transactions that will be exempt from the CFPB’s integrated mortgage disclosure documents.  Nevertheless, some of these transactions may still be subject to the requirements of the Truth in Lending Act (TILA), and the Real Estate Settlement Procedures Act (RESPA), and thus, the soon to be “old” HUD-1/GFE disclosures will still be required. Briefly, some examples of the transactions that… read more →