New TAR form preserves your access to closing docs when new CFPB rules go into effect
06/10/2015 | Author: Editorial Staff
Starting October 3, the HUD-1, the Truth in Lending disclosures, and the Good Faith Estimate are being replaced with new forms. As part of these changes from the Consumer Financial Protection Bureau (CFPB), lenders and title companies are concerned about sharing closing documents with anyone other than the principals to the transaction, unless specific permission is granted in writing.
The Texas Association of REALTORS® created the new Authorization to Furnish TILA-RESPA Integrated Disclosures form (TAR 2516) to provide that written permission for lenders and title companies to deliver copies of closing disclosure documents to the principal’s REALTOR®. You can download a blank copy from texasrealestate.com, and the form is available in zipForm.
Use this form with your clients in transactions where the buyer’s mortgage application is received by the lender on or after October 3 to make sure you have access to information that will help you guide your clients through closings with minimal surprises.
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