On Monday March 31, 2014 the CFPB issued its RESPA/TILA small business compliance guide. The 89 page guide covers many important elements of the RESPA/TILA “Know Before You Owe” rule. The rule is a pared back version of the proposed 2012 rule. One key revision is that only major loan term changes will require a 3 day waiting period and not any change over $100 on the settlement statement (Today’s HUD-1) as was initially proposed. The rule is set to be implemented in August of 2015.