Have you ever purchased a house? If so, you know how stressful it is to have last minute adjustments made to the amount that you must pay at the time of closing. Effective on October 3, 2015, the Consumer Financial Protection Bureau has instituted changes which should make the process less stressful. Buyers should expect the changes to positively effect future closings with two (2) major changes:
Providing Buyers with full disclosure, by postal mail or email, usually from the lender at least three (3) days prior to closing (with additional days allotted for mailing and receipt), thereby eliminating surprises and providing an opportunity to ask questions; and
Eliminating excessive documents by using two (2) easy to understand forms, the Loan Estimate and Closing Disclosure.
Along with Residential Mortgages Services, of North Attleboro, and Old Republic Title Insurance, I am sponsoring a free continuing education seminar for real estate agents on these changes, on October 26, 2015. If you are an agent or know someone who might be interested, please contact me for more information and to register.
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