2 ways to learn about upcoming changes to the closing process
03/06/2015 | Author: Editorial Staff
Have you heard about the new closing forms and procedures that will take effect Aug. 1? The Truth in Lending Act disclosures, the Good Faith Estimate, and the HUD-1 settlement statement will be replaced by the new Loan Estimate and the new Closing Disclosure.
Dawn Moore, president of the Texas Land Title Association and CEO of Allegiance Title Company, discussed these upcoming changes last month during the Risk Reduction Forum at the 2015 Texas REALTORS® Winter Meeting. You can view slides from Moore's presentation here, and see examples of the forms on the Consumer Financial Protection Bureau's website.
In addition, NAR has produced a short video to help you understand the new closing forms and procedures.
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