In the past, federal law required two different disclosure forms to be provided to consumers at or shortly before their loan closing. The information on these forms, known as the final TIL (Truth In Lending) and HUD-1 (Housing and Urban Developement), was overlapping and often inconsistent. Consumers often found these forms to be rather confusing. The Dodd-Frank Act directed the Consumer Financial Protection Bureau (the CFPB) to integrate those mortgage loan disclosures into a new single consolidated disclosure form.
The videos below better explain this new disclosre and walk you through each page of it in detail.