Changes Coming to Every Real Estate Closing on Oct 3 2015….

Video provided by Lawyers Title Flower Mound Office

“Save the Date”

The National Association of Realtors (NAR)  says October 3rd is “Save the Date” because that’s when sweeping changes happen to every real estate closing in America. Starting the first of August the Hud-1 Settlement Statement, the Good Faith Estimate (GFE) and the Truth in Lending Act (TILA) disclosure: all come off the closing table and go into the history books.

New Forms

In their place will be two brand new forms-the loan estimate and the closing disclosure. These are big changes brought about by the Consumer Financial Protection Bureau (CFPB).

Simpler For Consumers

Their goal is to make the closing process simpler and more transparent for consumers. We’ll have to learn these new forms
and learn how they’re applied to every real estate settlement you attend among other things. All paperwork must be finalized
3 days before the closing. No more last-minute changes, in fact if there are last-minute changes the three day clock could start ticking all over again.
New rules, new procedures and new documents. It all starts August 1st, 2015.

NAR

Ken Trepetta, National Association of Realtors Director of Real Estate Services explains, “… what you need to do to get up to speed if you plan to close a transaction on the 30th of September make sure your clients have all their ducks in a row by the 23rd September. this way there won’t be any last-minute changes at closing because while you can make changes at closing it may be more difficult than it is today and so you should try to avoid any last minute changes.”
Sellers should make sure they abide by their agreement & make sure they don’t make changes or take things from the home that they said they were going to include in the home, because these types of things could lead to changes in the settlement statement – which require going back to the lender in an getting approval. If this happens, it will delay closing on the home.

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