Sanibel real estate blog: NEW closing rules

As of August 1, the CFPB will be having major mortgage changes taking place. The new rules will impact lenders & title companies but the real estate buyer and seller will be affected too.

We don’t have complete details yet as training is forthcoming but we do know that there will be a new disclosure (TILA_RESPA) that will be used beginning Aug. 1. Under the new rules, the consumer must be given the new closing disclosure 3 days before closing. If any change has to be made- then the 3 day period begins anew. Why does this matter? It could potentially delay a closing which could be a pain in lots of situations. Moving companies, travel plans, start & stop utility services to name a few.

As Sanibel real estate professionals, we will continue to stay on top of this story and the handling of the disclosure at closing time.

Check with us on Sanibel real estate- listings and info can be found on our website at www.chuckandrews.com, or give us a call at 239-849-3396, Re/Max of the Islands.

 

 

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