This rule basically combines four forms into two new forms, with the idea of making it easier for consumers to locate key information, such as interest rate, monthly payments, and cost to close the loan:

1. Good Faith Estimate (GFE) and the initial Truth-in-Lending disclosure (initial TIL) have been combined into “Loan Estimate” form.
2. HUD-1 and final Truth-in-Lending disclosure (final TIL and, together with the initial TIL, the Truth-in-Lending forms) have been combined into 1 new form called “Closing Disclosure” form. The Buyer must receive the closing disclosure at least 3 business days before closing.