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New HUD Disclosures Will Make Closing More Challenging after Aug 1
New HUD Disclosures Will Make Closing More Challenging after Aug 1
 
The new CFPB rules regarding the buyer loan process will take effect on Aug 1, and there will be a lot of angst created because of them.  The purpose is to make the closings more buyer friendly and are intended to allow the Borrower, who will now be called the Consumer, to get a more competitive loan.

 
Our local Board hosted a breakfast this week with representatives from Fidelity Title to discuss the new rules and forms. A lawyer was also present, as all closings in CT are done through attorneys.
 
It should be mentioned first, that any loans started prior to Aug 1 can proceed under the old rules and forms. All loans initiated after Aug 1 must follow the new guidelines and use the new forms.
 
 
 
Loan Estimate:  New Consumers (Borrowers) are going to be encouraged to get 3 Loan Estimates from lenders prior to getting pre-qualified.  The presumption is that the Consumer would be able to determine the best loan product and rate for themselves.  The issue is that the lenders are not allowed to check credit scores while doing a loan estimate and are supposed to offer their products ... more

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