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Talking to lenders about the new forms
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Regulatory Updates
Thursday, May 15, 2014
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Next year, business practices will change dramatically and lenders and title agents will have to work even closer together to close real estate transactions. This is all because in August, they will be required to issue new Loan Estimate forms and Closing Disclosure forms.
Gone will be the initial and final Truth in Lending Disclosure and the Good Faith Estimate and HUD-1 Settlement Statement. Instead, borrowers will be provided with combined disclosures designed by the Consumer Financial Protection Bureau (CFPB). Along with the forms are new regulations industry members will have to follow.
The most important thing agents can begin doing is having discussions with their valued lender partners about how the lender plans to proceed next August. This is critical because they are the ones who will ultimately be on the hook for what happens during the entire transaction, and the rule states that the lender is responsible for the forms but may use a settlement service provider to do so.
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