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Evaluating procedures before the new disclosures hit
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Industry News, Regulatory Updates
Monday, May 19, 2014
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Aug. 1, 2015, may seem a long way off, but there are numerous things title industry members can — and should — begin doing to prepare for the changes. At recent industry events, industry experts not only walked through the new forms, but discussed some of those steps agents can take now to be ready for them.
One of those issues to tackle is the three-day rule. The final rule states that consumers must receive a copy of their final Closing Disclosure three business days prior to closing. SoftPro Director of Industry Relations Leslie Wyatt emphasized that that means the consumer needs to physically have the Closing Disclosure form three days prior to closing.
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