Breakdown of CFPB's recently implemented changes

As of October, the way homebuyers and sellers apply for a mortgage has changed
  • Effective October 3, 2015 “Know Before You Owe” mortgage forms will replace the existing federal disclosure forms.
  • Consumers will receive the ‘Closing Disclosure’ form three business days before consummation.
  • The old Truth-in-Lending Statement, Good Faith Estimate and HUD-1 settlement statement are a thing of the past.

As real estate agents, we are all aware of the challenges associated with ensuring a smooth transaction for our clients. The Consumer Financial Protection Bureau’s (CFPB) recently implemented changes that may make closings more complicated.