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New TAR form preserves your access to closing docs when new CFPB rules go into effect

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06/10/2015 | Author: Editorial Staff

Starting October 3, the HUD-1, the Truth in Lending disclosures, and the Good Faith Estimate are being replaced with new forms. As part of these changes from the Consumer Financial Protection Bureau (CFPB), lenders and title companies are concerned about sharing closing documents with anyone other than the principals to the transaction, unless specific permission is granted in writing.

The Texas Association of REALTORS® created the new Authorization to Furnish TILA-RESPA Integrated Disclosures form (TAR 2516) to provide that written permission for lenders and title companies to deliver copies of closing disclosure documents to the principal’s REALTOR®. You can download a blank copy from texasrealestate.com, and the form is available in zipForm. 

Use this form with your clients in transactions where the buyer’s mortgage application is received by the lender on or after October 3 to make sure you have access to information that will help you guide your clients through closings with minimal surprises.

Learn all about the new CFPB rules.

Categories: Forms, Legal
Tags: cfpb, tar forms

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Legal disclaimer

The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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