For Consumers

Getting ready to close on a new home?

Real estate closing form

The Consumer Financial Protection Bureau (CFPB) requires title insurers and realtors to use a closing form during final real estate transactions. This form replaces the HUD-1 and Truth in Lending Act (TILA) disclosure statements.

Due to the form’s data entry requirements, title insurance cost information may not be accurately displayed. We recommend you work with your title insurance agent and realtor to allow them to explain your actual title insurance costs.

Who is the CFPB?

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) established the Consumer Financial Protection Bureau (CFPB).

The CFPB protects the financial security of consumers through regulation of credit, debit and prepaid cards, payday and consumer loans, etc. To protect consumers, the CFPB:

  • Writes rules, supervises companies and enforces federal consumer financial protection laws;
  • Restricts unfair, deceptive or abusive acts or practices;
  • Takes consumer complaints;
  • Promotes financial education;
  • Researches consumer behavior;
  • Monitors financial markets for new risks to consumers; and
  • Enforces laws that prohibit discrimination and other unfair treatment in consumer finance.

The CFPB also protects consumers involved in home real estate transactions, such as title, escrow and financing businesses associated with realtors and home builders.