The Dodd-Frank Act of 2010 mandated the combination of the Truth-in-Lending Act (TILA) loan disclosures with the Real Estate Settlement Procedures Act (RESPA) Good Faith Estimate and HUD-1 Settlement Statement disclosures.


Applies to most loan applications received by lenders or mortgage brokers on or after October 3, 2015.


The Consumer Financial Protection Bureau (CFPB), created by the Dodd-Frank Act, issued final rules, and created two new forms with delivery requirements.

Types of Loans Covered

Applies to most closed-end consumer mortgage loans.

Does not apply to:
– Home equity lines of credit
– Reverse mortgages
– Mortgages secured by mobile homes or dwellings not attached to real property (but does apply if the mobile home is attached to real property)
– Creditors that make five or fewer mortgage loans in one year
– Certain narrowly defined subordinate special purpose loans
– Loans that are not consumer loans, such as commercial or business purpose loans

Two Primary Forms Created

Loan Estimate (LE)
– Must be provided to consumer within 3 business days after submission of loan application.
– Replaces the initial Truth-in-Lending (TIL) and Good Faith Estimate (GFE).

Closing Disclosure (CD)
– Consumer must receive at least 3 business days before consummation of the loan.
– Replaces the final Truth-in-Lending (TIL) disclosures and HUD-1 settlement statement.

More Information
Visit www.stewart.com/cfpb to learn more.