On Wednesday October 29, 2014 NAR submitted comments to the Consumer Financial Protection Bureau (CFPB) on changes to the Real Estate Settlment Procedures Act (RESPA) and the Truth in Lending Act (TILA) rule. CFPB has proposed giving lenders a full day to redisclouse the loan estimate when the loan is locked in. NAR believes the extra time to disclose will give consumers more flexibility in deciding when to lock in loans because lenders will not have to worry about getting the disclosure to the consumer that same day. NAR also promised to continue to work with CFPB and industry to implement the rule which takes effect August 1, 2015.
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