Know Before You Owe What you need to know about the new disclosure rule The Consumer Financial Protection Bureau (CFPB) and changes you should expect The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) established the Consumer Financial Protection Bureau (CFPB). The Bureau was created to protect consumers and to make financial decisions easier to understand. Their actions were designed to help consumers shop and compare options. The Bureau's first task was to address duplication and overlapping loan disclosures that have long been considered inefficient and confusing for the consumer and the industry. In 2013 the CFPB published a new rule to combine four forms into two forms, (The Good Faith Estimate + Early Truth In Lending = the newly formed Loan Estimate. Also the HUD-1 Statement + the Final Til = the newly formed Closing Disclosure. Click here to view an example of the Loan Estimate Click here to view an example of the Closing Disclosure. For additional details about the TILA-RESPA Integrated Disclosure Rule click here What's the timing of the disclosure paperwork? (Closing calendar changes will begin on all new loans October 3, 2015) How will these changes impact you? 1. Speak to a preferred lender in the early planning stages of your move and home buying process. 2. Get a verified pre-approval as early as possible. This will allow your lender to approve your loan quickly and assure an on-time closing once you find a home. 3. Changes to your loan product or loan amount within 10 days of closing may cause delays. 4. Supply any required documentation to the lender in a timely fashion. Keep in mind that federal regulations require lenders to obtain certain documentation in order to issue a loan approval.