What Happens August 1, 2015?

Are you ready for August 1, 2015?

Realtors®, mortgage lenders, title companies, we’ve been hearing this for quite some time.

There will be an integration of the Real Estate Settlement Procedures (RESPA) and Truth in Lending Act (TILA) disclosures. These changes are regulated by the Consumer Financial Protection Bureau.

What does that mean to the borrower?

To help consumers, changes were made to improve consumers’ understanding of the mortgages and mortgage disclosures. There will be two new forms:

The Loan Estimate - replaces the initial Trust in Lending Disclosures and Good Faith Estimate. The borrower will receive this notice within 3 business days of the receipt of loan application. It will provide a summary of loan terms and estimates of loan and closing costs.

The Closing Disclosure - replaces the final Truth In Lending disclosure and HUD1, settlement statement. Provided to the borrower at least 3 business days before closing. Provides a detailed accounting of the transaction.

Some tips to help us keep closings on track: 

  1. Add 15 days to the closing period. So instead of closing in 30 days, make it 45 days.
  2. Finalize all repairs and details well in advance. Be ready 7 days early.
  3. Avoid making changes at closing.

Work closely with your Realtor®, mortgage lender and title officer who are knowledgeable with the new changes. The Consumer Financial Protection Bureau also prepared a toolkit for consumers. You can visit the website here



Updated Nov 14, 2018 3:24:pm. Based on information from the North Texas Real Estate Information Systems, Inc. This information is provided for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Any home sales data appearing on this page is obtained from public record sources (or estimates, for non-disclosure states) as provided by OnBoard, LLC and does not comprise an appraisal or a Comparative Market Analysis (CMA). This information should not be used to replace a professional appraisal nor to determine the price of a particular property.