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Michael Lewis
On August 1, 2015, the Consumer Financial Protection Bureau’s new mortgage disclosure rule goes into effect, requiring lenders to combine information from the existing Truth-in-Lending (TIL) disclosure and the HUD-1 Settlement Statement into one single disclosure for most residential mortgages. Nearly everything about the deadline is causing confusion and bureaucratic turmoil within the mortgage industry. But how does it affect you? While many questions remain unanswered, we shed light on the rule and what it potentially means for the way you do business.
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