The Consumer Financial Protection Bureau (CFPB) integrated the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures and regulations in November 2013. Any transaction involving a federally-related mortgage will be subject to new restrictions and will use new CFPB disclosure forms, effective August 1, 2015.
These new regulations will necessitate a shift in how Realtors® provide service to their clients. While most of the implementation of the changes fall on lenders, Realtors® are urged to become familiar with the resources the CFPB has created for consumers in order to continue to help clients navigate the real estate transaction.
For more information and resources, visit [ Ссылка ]
