What is the purpose of the "Integrated Disclosure Rule"?

The purpose of the "Integrated Disclosure Rule" is indeed to combine the Loan Estimate and Closing Disclosure into a more streamlined process that enhances clarity for consumers. This integration aims to simplify the mortgage process by providing borrowers with key loan information in a cohesive format, making it easier for them to understand the terms, costs, and potential liabilities associated with their mortgage.

By consolidating these two important documents, the rule helps borrowers to more readily compare loan offers and better prepare for the closing process. This alignment addresses past consumer complaints regarding the complexity and confusion of mortgage disclosures, thereby promoting transparency and informed decision-making in borrowing.

This rule is not focused on eliminating disclosures, complicating documents, or creating new fees, which are important considerations but do not reflect the true aim of enhancing clarity through integration.