In August 2015, the Consumer Financial Protection Bureau (CFPB) will be making changes to Mortgage Disclosure forms; the changes will affect your everyday real estate transactions. As a real estate agent, you will need to know the following 5 new aspects and how to handle the changes:
1) Be able to explain the new Loan Estimate and Closing Disclosure.
2) Know that the timing of closings will be impacted by disclosure delivery rules.
3) Title fees may need to be adjusted at closing.
4) Line numbers have been removed and there are now 7 fee areas.
5) Your client will likely receive more than one Closing Disclosure.
Please have a look at Ticor Title’s information guide to help you navigate through these very important changes. You will find diagrams, a calendar, and in-depth explanations of each of these 5 changes, and how to implement them into your daily operations.
For specific answers to your questions, you may always contact your Ticor Title Sales Executive. At Ticor, we are happy to provide our Real Estate clients with the most up-to-date information, and we are always happy to answer your specific question.