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2015-06-17 08:33:12

Starting August 2015, new forms will be used on virtually every transaction involving a mortgage loan originated and closed after August 1, 2015. Here are some items you will want to know when the changes are enforced. It is very important your lender understands these changes, as not following the new timelines may result in delayed closing and no one wants that! Be sure your agent, lender and Title Company know the new rules.

  1. There will be new forms.  The new Loan Estimate form will replace the GFE (Good Faith Estimate) and Initial Truth-in-Lending Disclosure(TILA) that buyers receive once they complete a loan application. The new Loan Estimate is designed to clearly show the buyer what they will be responsible to pay, interest terms and closing cost among other loan details.  The new Closing Disclosure will replace the HUD-1 that we currently use at closing.
  2. Closing Times May Be Impacted By Closing Disclosure Delivery. The lender must make sure the new Closing Disclosure is delivered to the buyer 3 days before close. Sometimes we see the closing statement (currently the HUD-1) a day before close. This will change. In addition, if it is delivered via email or overnight mail, there is an additional 3 days required to ensure receipt from the buyer.
  3. Loan changes may require a new Closing Disclosure and new review period. Changes that may result in additional time could be an APR change, if a pre-payment penalty is added to the loan and if there is a change to the loan product.

As we have seen in the past, changes bring a learning curve to the industry. We work hard to stay in front of these changes and work with partners in the industry who adapt quickly. We look forward to a successful 2nd half of 2015 and working with you to ensure your real estate transactions close on time!

Eve Cameron

Broker Associate, Realtor®

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