• CFPB Releases Third Round Of Closing Disclosure Prototypes
  • February 10, 2012 | Authors: Ryan L. DiClemente; Kimberly A. Manuelides
  • Law Firms: Saul Ewing LLP - Princeton Office ; Saul Ewing LLP - Baltimore Office
  • On or about January 24, 2012, the Consumer Financial Protection Bureau (“CFPB”) released its third round of closing disclosure prototypes in its “Know Before You Owe” initiative, which seeks to combine the final TILA disclosure and the RESPA HUD-1 Settlement Statement into one disclosure. Based on the feedback it received from its previous prototypes, the CFPB has submitted two new prototype disclosures and again is asking people to examine the disclosures and consider whether they can: easily find key loan terms; identify changes to the loan terms or costs; know who to contact to discuss their loan; have the information they need to close the loan; and whether the disclosures are easy for lenders and settlement agents to use and explain to consumers.