On August 1, 2015, loan documents to homebuyers are going to be simpler and easier to understand. Two new forms, a Loan Estimate and a Closing Disclosure, will replace the HUD-1 Settlement Statement, the Good Faith Estimate, and the Truth-in-Lending disclosure form.
The purpose of the new forms is to simplify closing information and make it simpler for consumers to compare their estimated costs to final costs.
Created by the Consumer Financial Protection Bureau with input from consumers and industry groups such as the NAR, the new forms will hold lenders to three-day deadlines so that consumers … (1 comments)
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