NEW LOAN DISCLOSURES TILA/RESPA

On August 1, the long-awaited TILA/RESPA integration will go into effect. As of that date, for most transactions, the Good Faith Estimate (GFE) and the HUD-1 will no longer be used, and instead, two new forms will appear. First, the GFE and the initial Truth-in-Lending disclosures will be combined into a new form called the Loan Estimate. Second, the HUD-1 and the final Truth-in-Lending disclosures will be combined into another new form called the Closing Disclosure.