As of October 1st 2015 the closing process will go through some major changes. On said date, the CFPB’s Integrated Mortgage Disclosure rule will go into effect. This will mean a couple of things for Real Estate agents:
- A new Loan Estimate document will replace the Good Faith Estimate (GFE) and the early Truth-in-Lending (TIL) disclosure.
- A new Closing Disclosure document will replace the HUD- 1, and the Final Truth-in-Lending (TIL) disclosure.
Stay ahead of the curve and check out the new documents linked below
You can also check out the American Land Title Association website (www.alta.org/cfpb) for more information
On top of all this we’d like to include a “Realtor Checklist” that can be used to help ease this transition into these new rules