2 ways to learn about upcoming changes to the closing process

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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. 

Categories: Forms, Legal
Tags: legal, closing, buyers, sellers, forms, winter meeting

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The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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