Just when you thought you knew everything, it all changes again. This will effect those who are in Cape Coral or Fort Myers as well. On November 20, 2013, the Consumer Financial Protection Bureau (CFPB) issued a rule to replace existing federal mortgage disclosures with new ones that are easier to understand.
The rule improves the way consumers receive information about Cape Coral or Fort Myers mortgage loans, both when they apply and when they’re getting ready to close. When you apply for a mortgage, you get disclosures that explain the terms. The new mortgage forms will help you understand your options and avoid costly surprises at the closing table.
The rule states that consumers must receive their Closing Disclosure three business days before closing on the loan so they have time to review it. The final rule also limits the circumstances in which consumers will have to pay more for settlement services than the estimate they received.
The Final Rule includes the new Closing Disclosure Form that will replace the current HUD-1 & Closing Statement.
This rule is effective August 1, 2015. The final rule applies to transactions for which a mortgage broker/lender receives an application on or after that date.
Have a look at the new Loan Estimate Form and the Closing Disclosure Form.
Title Junction is here to answer any questions you have and guide you along in the process. Call me today for the answers you need most!