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Understanding the CFPB and its Closing Disclosure: Part 1

Reprited from Inman News (


  • What’s the CFPB?

  • What’s the ability-to-pay rule?

  • What happens when that rule is violated?

  • What does it have to do with the new Closing Disclosure that will replace HUD-1?

Real estate professionals know the HUD-1 well. “Please send me an updated HUD-1″ — the term rolls easily off the tongue with no hesitation.

As well it should. It’s been the law of the land since 1974 when the Department of Housing and Urban Development mandated the HUD-1 settlement statement be used in federally backed residential mortgage transactions. Any real estate pro worth his or her salt has looked at hundreds, perhaps thousands of HUD-1s. But as of Aug. 1, 2015, the HUD-1 is out, and the Closing Disclosure is in. More...

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