Next year, business practices will change dramatically and lenders and title agents will have to work even closer together to close real estate transactions. This is all because in August, they will be required to issue new Loan Estimate forms and Closing Disclosure forms.
Gone will be the initial and final Truth in Lending Disclosure and the Good Faith Estimate and HUD-1 Settlement Statement. Instead, borrowers will be provided with combined disclosures designed by the Consumer Financial Protection Bureau (CFPB). Along with the forms are new regulations industry members will have to follow.
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