Washington Buyer and Seller Guide for Title and Escrow

Which forms are in & out on October 3, 2015? Good Faith Estimate Early TILA Form New Loan Estimate HUD-1 Settlement Statement Final TILA Form New Closing Disclosure Out with the old In with the new* * As of October 3, 2015 for residential purchase and refinance transactions. Changes to the Closing Disclosure Timing In addition to new forms for residential mortgage transactions, the new regulations also require delivery timetables for delivery to consumers, impacting when a closing can take place and disbursements made. Below is a preview of how the CFPB regulations will impact the closing process for transactions that originate after October 3, 2015. Wednesday Monday Tuesday Thursday Friday Saturday Sunday 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Non-hand Delivery of Closing Disclosure (i.e. mail) Three-day delivery period Delivery of Closing Disclosure Occurs Three-day waiting period waiting cont. Sunday not counted Three-day right of rescission First day signing / closing may occur (Applicable to most re nances) First day disbursement may occur on most re nances First day disbursements may occur for purchase and some re nances Example Closing Calendar 45 WHAT IS CONSUMER FINANCIAL PROTECTION BUREAU? (CFPB)