Real Estate Blog

March 3rd, 2015 10:33 AM

It wasn't very long ago that closing documents were reformatted to make it "easier for the borrower to understand". Well apparently they were not good enough because as of August 1 the Good Faith Estimate and the Truth in Lending Disclosures are being combined into one document called the "Loan Estimate" and the HUD-1 Settlement Statement will be replaced with the "Closing Disclosure" form. The Lenders will be held accountable to the exact charges listed and come within 10% on many of the others. Also, the estimate must be given within three days after six items of information are collected: The consumer’s name, income, Social Security Number, address of the property, estimated value of the property, and the loan amount. So forget about any last minute changes at the closing. 

Check out this video from Frank and Brian at the National Real Estate Post for more information.

Posted in:CFPB and tagged: RealEstateCFPBClosingChanges
Posted by Betsy Hughes, SRA, AI-RRS on March 3rd, 2015 10:33 AMLeave a Comment

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