Mortgage Disclosures - Know Before You Owe

The Dodd-Frank Act, enacted in 2010, required new disclosures related to mortgage loans.  The Consumer Financial Protection Bureau (“CFPB”) enacted rules that integrate previous disclosure requirements with the goal of improving consumer understanding of the mortgage process, aid in comparison shopping, and help prevent surprises during loan closing.

The disclosures are required by the federal Truth in Lending Act (“TILA”) and the Real Estate Settlement Procedures Act (“RESPA”) and are formally known as the TILA-RESPA Integrated Disclosures (“TRID”).  You may also hear them referred to as “Know Before You Owe.”  Know Before You Owe requires two forms:

  • A Loan Estimate that must be delivered or placed in the mail no later than the third business day after receiving a consumer’s loan application; and
  • A Closing Disclosure which must be provided to the consumer at least three business days before the loan closing date.

The CFPB provides an interactive resource for consumers regarding Know Before You Owe.  This site includes a video explanation, sample disclosures, and more details about the requirements.  For more information, please visit