While the new real estate laws were set to go into effect on July 1, 2015, the Consumer Financial Protection Bureau (CFPB) changed the date. It is now October 3, 2015 when the new Lender Estimate and Closing Disclosure are set to be required.
Once these new rules are required, the consumer will then have an opportunity to go over the lenders information before choosing a loan. Also, if the financial numbers change for the closing, for example the interest rate changes by more than an 1/8 of a percent, the consumer has three days to think about the new information before closing. What if the payments are too high for the buyer?
There are a lot more changes, which I will be discussing in my future blogs.
Jeff Jacobson at JeffJacobsonLaw.com