By now, the settlement services industry is aware of — or at least, it should be aware of — the changes to the closing process that will occur beginning Aug. 1, 2015, when the new integrated, five-page Closing Disclosure form must be provided to consumers three days before consummating a mortgage transaction. But Mary Schuster, chief product officer at RamQuest Inc. and president of Op2, has another deadline she suggests the industry meet.
“The date you need to get at least a first pass at these working forms in your systems needs to be no later than the first quarter of 2015,” Schuster told attendees of October Research, LLC’s 10thAnnual National Settlement Services Summit (NS3).
During a session on June 11 titled “The New Mortgage Disclosure Forms: Chart Your Course for Implementation,” Schuster told attendees that although August 2015 is more than a year away, having conversations with your software provider at this time is critical.
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