The CFPB announced the new integrated disclosures. What do you think?

Announcement - http://www.consumerfinance.gov/newsroom/cfpb-finalizes-know-before-you-owe-mortgage-forms/

Loan Estimate - http://files.consumerfinance.gov/f/201311_cfpb_kbyo_loan-estimate.pdf

Closing disclosure - http://files.consumerfinance.gov/f/201311_cfpb_kbyo_closing-disclosure.pdf

Actually I am shocked that we have until August of 2015 to use them. Thought we would get hit with them next year, along with the rest of the fun!

I am curious as to why it took 1,888 pages to simplify everything.
I am glad to hear the APR calculation will remain as is for now.

I guess I'm glad to see that there weren't significant changes from the proposal (at least on the surface we got what we've been preparing for... well, in theory - 20 months gives them plenty of time for new final rules and commentary to be published!) and I'll be happy to wait for the 'all-inclusive' APR/finance charge calc to be considered sometime over the next five years!

"for now" being the operative words.

:-p~~~~~~~~~~~~~~

I'm not looking, I'm not reading...yet. I think I'll wait until the 2014 stuff is completed. Yeah, that's my story and (I'm going to try) sticking to it!

What ^^^^^ said!

^^^^^^ditto

I don't think my brain can comprehend all of it at once!

I'm waiting for the alphabet groups to begin their campaigns to push the effective date back.

Same here!

If you haven't looked yet, let me share that my favorite part of the new docs happens on page 5 of the new combined TIL/HUD where there's a new block for Total Interest Percentage (TIP).

As if it wasn't bad enough to show how much you'd pay over the life of the loan lumped in with the principal balance. Now the borrower on the sample loan will see that over the life of the loan they're going to pay 69.46% in additional monies. What a shocker that's going to be for most people!!!

Glad I'm not a closer anymore.

Interesting that the APR appears on the back pages of both disclosures and other "material" disclosures have been omitted from the early disclosure for comparison shopping. Comparison shopping has been reduced to a five-year period instead of life-of-loan, except for the TIP, which appears right below the APR. It IS a shocker.

Also interesting that the 25-acre exemption under RESPA will be gone. And the fact that the old familiar HUD1 and GFE aren't completely going away. They will still be required for RESPA loans that don't get covered by the new Reg Z integrate Mortgage Loan Estimate and Closing Disclosure requirements.

The 25 acre exemption will hit us hard here.....we make plenty of those loans.

Are those loans, raitchjay, business-purpose or consumer?

Consumer, for the most part. Just pretty common around here for a person to have their primary residence on 25 acres (or more likely, 100 acres).

Sitting on my third of an acre out her on Cape Cod, I must say I am impressed! I guess my gas-powered 22"-swatch Honda push-it-yourself mower wouldn't be up to the task!

No, probably not. I don't want to over-state it: we have quite a few folks with homes on small lots too, but once you get out of the city (town, really) limits, and in the surrounding smaller towns with lots of rural areas surrounding them, then the big tracts with lots of acreage come into play, and there are a lot of them.