New CFPB Closing and Disclosure Rules

Buckeye Land Title Company - Know the RulesExpect substantial changes in closing disclosures and procedures—again. Last year, the Consumer Financial Protection Bureau (CFPB) announced proposed rules that would substantially change how residential mortgage lenders provide closing information and disclose costs to borrowers. At the heart of the new rules is the marriage of the four existing pre-closing disclosures (TILA pre-closing, TILA at closing, GFE, and HUD-1) into one new document described as the Closing Disclosure form. Also included are new mandatory advanced disclosure periods. The new rules will also change how lenders engage and manage third party providers such as title companies and closing agents.

Change can be a challenge, and it can provide exciting opportunities to better serve our clients and customers. Old Republic National Title Insurance Company is taking an active role in understanding the scope and content of the new rules. As a licensed title agent, Buckeye Land Title Company will continue to work with our underwriter so that we fully understand the new rules and how those rules will impact our service to you and your customers.

As a final effective date approaches, Buckeye Land Title Company would welcome the opportunity to share the content of the proposed rules with you and to participate in a strategy of partnership for implementation. In the meantime, we will continue to monitor developments over the next few months and will provide you with important updates regarding the effect and scope of these new rules.