The new mortgage disclosure forms are still more than a year away from implementation, but that doesn’t mean now is a time to relax. There is much the industry can do right now to prepare for the changes ahead. It’s important to be prepared, and that means knowing the forms and their implementing regulations. At a few recent industry events, industry experts walked through the forms and discussed steps that can be taken now to get ready.
At the American Escrow Association’s 2014 Annual Business Meeting and Education Conference, Diana Hoffman, vice president and corporate escrow administrator at Fidelity National Financial, explained the importance of understanding the changes that are on the way.
“This rule doesn’t take effect until Aug. 1, 2015, which is still over a year away,” Hoffman said. “According to the rule, it is the lender’s obligation to prepare and deliver the Closing Disclosure as well as the Loan Estimate. As an industry, meaning the settlement industry, we are kind of sitting here wondering, ‘Now what do we do?’”
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