As the real estate community makes the transition to the new rules and new forms set forth by the CFPB beginning October 3, there will be a short period where pre-existing escrow transactions will close using the HUD-1 Settlement Statement and new transactions will use the new Closing Disclosure Form.
The Loan Application Date is the Determining Factor
The key factor in determining which form will be used is the date of the loan application.
In other words, transactions with loan applications made before October 3rd will use the HUD-1 Settlement Statement and transactions with a loan application date after October 3rd will use the new Closing Disclosure.
Which form will be used?
Be sure to notify us of the date of the loan application when you place your Title & Escrow order.
Loan Application Before October 3
Transactions with a loan application made before October 3 will use the HUD-1 Settlement Statement.Loan Application After October 3
Transactions with a loan application made after October 3rd will use the new Closing Disclosure Form.Communication is Key
Let us know the date of the loan application at the time an order is placed with us. This is the best option for a seamless, smooth transaction. If you don’t have a loan application date at the time of opening, please let us know as soon as you do so that we may ensure that the proper forms are used and your transaction is smooth and successful.
Ticor is your CFPB Readiness Partner
Regardless of the date of the Loan Application, we are prepared to serve you and dedicated to your successful transaction.
