Real Estate Insider Blog
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Very soon, the mortgage, real estate, and legal industries face the largest change in federal mortgage disclosure requirements in more than 30 years. On August 1, the forms that have become second nature for generations of loan originators, attorneys and borrowers—including the Good Faith Estimate (GFE), HUD-1 and Truth-in-Lending—will disappear for new transactions. In their place will be two completely new forms and a new set of requirements for how and when they are provided to borrowers.
Given the magnitude of the change, we want to help our clients prepare for the shift.
Pursuant to the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) has integrated the mortgage loan disclosures under two Federal statutes: the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA). The new TILA-RESPA Integrated Disclosure Rule (also called TRID) replaces the four existing disclosures for closed-end credit transactions secured by real property with two new forms:
A Loan Estimate that must be delivered or placed in the mail no later than the third business day after receiving the consumer’s application, and
A Closing Disclosure that must be provided to the consumer at least three business days prior to consummation of the transaction.
CFPB also released guidance for complying with the new requirements when they come into effect for all applications received on or after August 1, 2015. (Lenders ...
By David Crowe
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