Not only does the Consumer Financial Protection Bureau’s (CFPB) final integrated RESPA/Truth in Lending Act (TILA) mortgage disclosure forms rule introduce the Loan Estimate and the Closing Disclosure, it also makes various changes to the timing of the forms.
The Loan Estimate
The Loan Estimate, which takes the place of the Good Faith Estimate and the initial TILA disclosure, must be provided to the consumer within three business days after the application.
In addition, the Loan Estimate must be provided seven business days prior to closing. It’s important to note that the definition of business day for the Loan Estimate’s three-day disclosure to the consumer does not include Saturdays; however, the definition of business day for the seven-day waiting period does include Saturdays.
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