New Mortgage Form Requirements
ATTENTION ONLINE AND SELF-PROCESSING CREDIT UNIONS
***This message applies only to credit unions that currently offer or are planning on offering first mortgages and/or closed-end second mortgages.***
ACTION REQUIRED BY AUGUST 1, 2015
By August 1 of next year, you will be required to begin using the new “Loan Estimate” and “Closing Disclosure” forms for mortgage loan transactions.
Please review this CU*NorthWest memo to learn what actions you’ll need to take to meet this new requirement.
These new mortgage loan forms were developed as part of the Know Before You Owe project, an initiative in which the CFPB (Consumer Financial Protection Bureau) combined the previously separate TILA (Truth in Lending Act) and RESPA (Real Estate Settlement Procedures Act) disclosures as required by the Dodd-Frank Act.