You have 11 days left to prepare for closing changes
09/22/2015 | Author: Editorial Staff
In just a couple of weeks, the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rule will change closings as you know them now. The CFPB made these changes to improve consumers’ understanding of mortgages and mortgage disclosures, to make it easier to compare loans, and to prevent surprises at the closing table.
One of the most important changes you should know about deals with the disappearance of the Good Faith Estimate, the Truth-in-Lending disclosures, and the HUD-1. Instead of these forms, you’ll see the Loan Estimate and the Closing Disclosure forms. The Loan Estimate is given to borrowers within three business days of the receipt of the loan application and provides a summary of key loan terms and estimates of loan and closing costs. The Closing Disclosure is given to borrowers at least three business days before closing and provides a detailed accounting of the transaction.
Bookmark texasrealestate.com/closings for more details on the closing changes, including magazine and blog articles, videos, and CFPB materials created for consumers. You can also visit the CFPB’s website to access its real estate professional’s guide, which has advice for smooth closings and an explanation of what has and hasn’t changed about the mortgage process.
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