Making a Smooth Transition to the New Closing Disclosure Form
As the real estate community makes the transition to the new rules and new forms set forth by the CFPB beginning August 1, there will be a period where existing escrow transactions will use the HUD-1 Settlement Statement and new transactions will begin using 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 August 1st will use the HUD-1 Settlement Statement and transactions with a loan application date after August 1st will use the new Closing Disclosure.
Residential Title and Escrow Rate Calculator – TicorRates.com
Online rate calculators for title and escrow services have become indispensable tools for loan originators over the last couple years. Why? Because a higher degree of accuracy is now required when loan originators disclose settlement fees to consumers on the Good Faith Estimate or GFE. And with settlement fees falling into three tolerance categories it’s […]