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Providing you with information about upcoming changes to residential real estate closings.

Know Before You Owe


Attorneys need to be aware that the HUD-1 is being replaced in most residential loan closings effective August 1, 2015. In 2013, the Consumer Financial Protection Bureau (CFPB) amended components of the Truth in Lending Act (TILA) and the Real Estate Settlement Practices Act (RESPA) that have been in effect for more than 30 years. The amendments were made in an effort to make the forms easier for consumers to understand and to make it easier to compare loan offers from different lending institutions. With the new forms come new methods and timelines for delivery.

Details and samples of the new closing disclosure forms can be found at consumerfinance.gov under the “Know before You Owe” tab.

 

TRID (TILA-RESPA Integrated Disclosure)


  • Loan Estimate here
  • Closing Disclosure Refinance No Seller here
  • Closing Disclosure Seller Only here
  • Closing Disclosure Blank here

 

From the Lender


Wells Fargo and Bank of America issued communications regarding compliance and use of the updated mortgage disclosures. Each lender also provided answers to FAQs. For their latest communication, click on these links.

  • News for Wells Fargo Settlement Agents - click HERE
  • News for Bank of America Settlement Agents - click HERE

 

Are You Ready for October 3rd?


By: Kimberly Rosenberg, President and Title Counsel

Real Estate transactions are going to change significantly with the implementation of the Consumer Financial Protection Bureau’s final integrated mortgage disclosure rule on August 1st October 3rd. Below is a list of some things you should be doing now to help ensure your office is ready for all of the changes. Keep in mind that this list is not all encompassing, and is being offered as a way to provide practical tips to help you get prepared for the changes. Real Estate transactions are going to change significantly with the implementation of the Consumer Financial Protection Bureau’s final integrated mortgage disclosure rule on August 1st October 3rd. Below is a list of some things you should be doing now to help ensure your office is ready for all of the changes. Keep in mind that this list is not all encompassing, and is being offered as a way to provide practical tips to help you get prepared for the changes.


 

Interested in more related content? Read articles written by our staff HERE.

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