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Buying This Year? Here's Why You Should Buy Before August 1, 2015
Financed purchases after August 1, 2015 could be more difficult. Here's why.
The Frank-Dodd Wall Street Reform and Consumer Protection Act, created in 2010, reregulated the mortgage industry in response to the financial meltdown of 2007-2008. These regulations apply to closed-end consumer mortgage loans.
Before getting into the details, you should familiarize yourself with these changes in terminology:
Lender will be known as "Creditor" (not a broker) Borrower will be known as "Consumer" Tolerance will be known as "Variation" Closing/Settlement will be known as "Consummation" The forms will also be changing:
Truth In Lending/Good Faith Estimate will become a 3-page "Loan Estimate" form. It must be provided to the "consumer" within 3 days of application by the lender or loan broker and will include a summary of loan terms, estimate of costs, and a display of estimated cash to close in an effort to promote comparison shopping.
HUD-1A/Final Truth In Lending will become the "Closing Disclosure" - this is the one that will cause the most problems. The 5-page closing disclosure will be provided to the "consumer" by the lender (or if the lender prefers, by the settlement agent) and it must be received 3 days prior to "consummation."  It contains ... more

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