This bill aims to modernize and simplify mortgage disclosure requirements under the Truth in Lending Act, enhancing clarity for both consumers and creditors. It introduces new standards for the accuracy of loan estimates and closing disclosures, seeking to reduce compliance burdens while maintaining consumer protections. The legislation also addresses creditor liability and provides mechanisms for correcting certain errors without immediate penalty. Key provisions include establishing an aggregate variance standard for estimated closing costs, where final costs can exceed disclosed amounts by up to $500 or 5% of third-party fees, excluding origination charges. It also simplifies waiting period requirements , limiting resets for corrected disclosures to significant changes like interest rate increases, loan product changes, or the addition of a prepayment penalty. Consumers are also granted the ability to waive the 3-day closing disclosure waiting period for corrected disclosures. The bill creates a safe harbor for creditors to issue up to two revised loan estimates for non-material changes without requiring a "changed circumstance," provided they are delivered seven days before consummation and only reset tolerances for affected fees. Furthermore, creditors are protected from liability for closing disclosure inaccuracies solely attributable to a settlement agent , given reasonable diligence and oversight, though consumer restitution rights remain intact. The Bureau of Consumer Financial Protection is tasked with defining these diligence and oversight standards. Additionally, the legislation expands the tolerance for annual percentage rate (APR) accuracy to 0.125 percentage points and allows creditors to cure inaccuracies through post-consummation adjustments. It also provides a safe harbor for creditors relying on Bureau guidance and introduces a notice and opportunity to cure provision, preventing civil penalties for first-time violations if corrected within 60 days of regulator notice, while preserving consumer rights to restitution.