INTEGRATED DISCLOSURES

Q: What is the required timing for providing the new Integrated Disclosures to consumers?

A: Lenders have to provide the new “Loan Estimate” (combining the old Good Faith Estimate and initial Truth-in-Lending disclosures) within three business days after a borrower submits a loan application. The “Closing Disclosure” (combining the HUD-1 settlement statement and revised Truth-in-Lending statement (if there is one), must be provided at least three business days before the closing.)