Federal rules now require disclosure of HOA and management company fees in 3 business days.  

The required disclosures include:

  • CIC documents
  • transfer/record change fees
  • status letter fees
  • assessments and dues
  • working capital
  • any other fees of the HOA or management company

Compliance with the New Rule

To comply with this 3 day requirement, title companies are expected to request these disclosures and other HOA information 3 weeks prior to closing.

HOA management companies and self-managed HOAs should expect inquiries for timely disclosure.
HOA management companies and HOAs should implement procedures to comply with these new deadlines.

Details on this New Rule

This new rule was adopted by the Consumer Financial Protection Bureau (“CFPB”).  The CFPB is independent agency, created under the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The CFPB is empowered to implement and enforce rules against financial service providers.  

The rule requires disclosures as part of the Federal Truth In Lending Act and the Federal Real Estate Settlement Procedures Act (“2013 TILA-RESPA Final Rule and amendments”).  The rule is based on new residential mortgage applications.  

Rationale for this New Rule

One of the main objectives of this new rule is to provide consumers with clear and transparent disclosures of all loan fees and closing costs associated with the purchase and financing of residential real estate.  

Disclosure is intended to allow consumers to compare loan offers from multiple lenders.  Consumers are provided time to understand terms of the loan so they may obtain the best deal for them.

New Forms to Borrowers

Consumers will receive two consolidated disclosure forms:

  • A Loan Estimate
  • Closing Disclosure

Instead of receiving four required federal mortgage disclosure forms:

  • Initial Truth-in-Lending disclosure
  • Good Faith Estimate
  • Final Truth-in-Lending disclosure
  • HUD-1 Settlement Statement

These two forms are intended to make overall loan cost information easier to understand.

3 Days for Disclosures

The rule sets strict timelines within which a buyer/borrower in a residential real estate transaction must receive the new forms:

  • Loan Estimate (within 3 business days of loan application)
  • Closing Disclosure (at least 3 business days prior to closing)

Similar CAM Rule

Colorado Community Association Manager licensing rules also require written disclosure of a HOA and management company’s fees and charges in connection with the sale, transfer and closing of the real estate in a CIC.  The CAM rule also is a 3 business day rule.  See CAM Rule F-6, subsection 3.  


The Colorado Common Interest Ownership Act C.R.S Section 38-33.3-316(8) continues to requires that Associations provide a written statement of unpaid assessments currently levied against an owner’s unit within 14 calendar days of a certified mail request.  This statute remains in place.

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Denver, CO 80202
Main: 720-221-9780
Fax: 720-221-9781

Colorado Springs

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Colorado Springs, CO 80903
Main: 719-457-8420
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