Effective October 3, 2015 the new TILA/RESPA rules came into effect. These new rules were designed with consumers in mind. Under the new rules the Loan Estimate forms will clearly set forth the terms of the proposed transaction to help the borrower determine whether they would like to proceed with the transaction. Next, consumers will be given their Closing Disclosure early and before closing on a home purchase or refinance, consumers must receive a copy of their Closing Disclosure at least 3 business days prior to closing so if they have questions, their Loan Originator can provide them with additional information. The format of the Closing Disclosure will also mirror the Loan Estimate to make comparison easy.