CFPB Releases NEW Settlement Disclosure Form

On November 20, 2013, the Consumer Financial Protection Bureau released their final proposal concerning Settlement Disclosure Forms and Regulations. The proposed final draft was a culmination of efforts from agents across the country including several from Eastland Escrows of Covina, California.

It was decided that the new Joint Disclosure Form would include both the Good Faith Estimate as well as the HUD-1 Settlement Statement. Both forms were modified by a regulatory initiative held in 2010. Our members participated in this major event and helped to draft the modifications associated with both forms. 

At this time, no advanced copies of the form are available.  There has been nothing released as to what the final document actually contains pertaining to several issues and key principles that were discussed at the initiative. We will continue to update our members over the next 12 to 18 months concerning what was included in the forms and rules, as well as any issues that were left out. If you have any questions please contact the Board of Directors at the Escrow Institute of California.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s