There are big changes coming our way this year with the release of the new Closing Disclosure forms as part of the Real Estate Settlement and Procedures Act (RESPA). Here is a brief overview of the form changes that will affect the way all title companies & lenders will handle your real estate closings.
New Disclosure Forms
Beginning August 1, 2015 there will be two new disclosure forms.
- Loan Estimate– provided by the lender within three days of loan application. This replaces the Good Faith Estimate and Early Truth in Lending Statement. It provides a summary of key loan terms, estimates of the loan and closing costs. The intent is to promote comparison shopping.
- Closing Disclosure– provided by the lender or settlement agent. It is received by consumers three days before consummation and replaces the Truth in Lending Statement and HUD-1 Settlement Statement. This provides a detailed accounting of transactions including loan terms, projected payments, closing costs, comparisons to loan estimate, summary of the transaction, loan and other disclosures and contact information.
Watch an informative video overview of these changes by CLICKING HERE.
We will be sharing more information on the RESPA changes in the upcoming weeks so please make sure you are subscribed to our email list so you don’t miss the updates.
Registration is now open for our next SHOW AND SELL event coming up on February 6th at 10:30 am at the WCAR building. Here is a short video of our January event.
You can register by filling out the form below.