New Consumer Financial Protection Bureau Forms, Implementation Issues Greater Illinois Title | April...

New Consumer Financial Protection Bureau

Forms, Implementation Issues

Greater Illinois Title | April 7, 2015

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Ralph J. Schumann Attorney at Law

President, Illinois Real Estate Lawyers

Association (IRELA)

© 2015, Law Offices of Ralph J. Schumann © 2015, Law Offices of Ralph J. Schumann www.irela.org

Joseph R. Fortunato, Jr. Attorney at Law

Head of Real Estate Practice Group Momkus, McCluskey, LLC

Ralph J. Schumann serves as President of the Illinois Real Estate Lawyers Association (www.irela.org), and is a transactional attorney with the Law Offices of Ralph J. Schumann with concentrations in real estate (residential and commercial), estate planning, probate administration and business and corporate litigation.

Ralph can be reached at [email protected] or 847.273.8700. Please visit www.SchumannLaw.com for more information.

www.SchumannLaw.com

Joseph R. Fortunato, Jr. is a Past President of the Illinois Real Estate Lawyers Association (www.irela.org), and is Head of the Real Estate Practice Group at the law firm of Momkus, McCluskey, LLC, in Lisle, Illinois.

Joe can be reached at [email protected] or (630) 434-0400 x173. Please visit www.momlaw.com for more information.

CFPB Rule

3 www.SchumannLaw.com

• Consumer Financial Protection Bureau (CFPB)-Came into being July 2011

• Created under the Dodd-Frank Act (Public Law 111-203, July 21, 2010)

-Financial reform in wake of mortgage meltdown

• Regulates Virtually all Providers of Financial Services-Regulation of mortgage lenders-Replaces HUD as supervisor of the Real Estate Settlement Procedures Act (RESPA)-Independent Bureau in the Federal Reserve System

Loan EstimateForm


Closing Disclosure Form


CFPB Rule – Business Implications


CFPB Rule – Summary


CFPB Rule – Summary (Cont.)


Closing Disclosure: Award for Best Suggestion Ever to Parties to a

Real Estate Transaction– ”You may want to consult a

lawyer . . .”


Closing Disclosure Award for Best Suggestion Ever to Parties to a Real

Estate Transaction– ”You may want to consult a

lawyer . . .”


IRELA suggests: “Whether Buying, Selling or Refinancing,

See your lawyer first!”

www.irela.org

New Consumer Financial Protection Bureau Forms, Implementation Issues Greater Illinois Title | April...

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