New RESPA/TILA Changes Coming Soon

Info obtained from RIS Media. Click here for full article.

As some of you have heard, on August 1, 2015 the new RESPA/TILA changes come into effect.

Part of the changes are that the Good Faith Estimates and Truth in Lending Disclosures will be combined into one document called the "Loan Estimate."

The form that may effect Real Estate professionals more is that the HUD-1 Settlement Statement will be replaced by the "Closing Disclosure." This disclosure MUST be given to consumers 3 FULL days before settlement date. If any changes are made in this three day period it can delay closing. This can make it difficult or impossible for last minute changes at closing table.

Information from NAR Real Estate Services Group. See link below for FULL article and more information.

Click here to see entire article.

Kathryn Gorham | Sun-Surf Realty | Emerald Isle North Carolina

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