What you need to know about changes to the mortgage closing process

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05/04/2015 | Author: Editorial Staff

New rules from the Consumer Financial Protection Bureau are going into effect October 3. These changes will have a big impact your clients’ closing documents and procedures.

To fully understand what’s changing, you can read 1,988 pages of federal regulations or take advantage of the following resources from TAR: 

The Texas Association of REALTORS® will continue to provide updates between now and October 3 to ensure that your closings go smoothly. 

Categories: Forms, Legal
Tags: legal, forms, respa, cfpb, tila, lending


William Ronne on 05/08/2015

I agree with Donna Pinon, it would be nice to have something written from the buyer’s/seller’s perspective that we could give to our clients.  The sooner the better.

Laura Bolieu Austin on 05/07/2015

I’m wondering if there will be an update to the TAR-2512 - Shopping For Your Home Loan - HUD’s Settlement Cost Booklet.

Ward Lowe on 05/07/2015

You can find consumer-focused resources as well as samples of the new forms at http://www.consumerfinance.gov/knowbeforeyouowe/.

Petra Richardson on 05/07/2015

I agree with Donna as well.  Furthermore, where can I find samples of the new forms.  Why is it not a requirement that the seller receive the disclosure when the buyer receives it or at least one day prior.  I believe at the closing table is a little late to see their costs and fees.

ANITA RIENDEAU on 05/07/2015

I agree with Donna.  This could be a piece in their initial interview packet;
they can read and initial for the records of the Broker.

donna pinon on 05/07/2015

Do you have a version of this article that we can give to our clients and/or to the general public?  This article is written for us as REALTORS®....it would be nice if it coule be tweaked so that it became an info piece for the public.

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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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