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New Regulations staring in August of 2015!

March 23rd, 2015 3:05 PM by Christel Silver

New Regulations staring in August of 2015! 

Currently the banks are struggling to provide the closing documents the day of closing! Starting August 1, 2015. 
New regulation will be in place replacing the HUD 1 (settlement statement) and the truth and lending document into one Closing Disclosure. While this form appears to be more consumer friendly – the attached rules will become a nightmare! The documents have to be provided to the consumer three (3) days prior of closing – and a failure to comply will result in heavy fines from the regulator. Any issues at the walk through? No problem, it just delays closing another 3 days!


Posted by Christel Silver on March 23rd, 2015 3:05 PM