New Lending Rules Delayed Until Oct. 1; NAHB Webinar Will Help You Comply

Filed in Homeownership, Housing Finance by on June 18, 2015 2 Comments

mortgage applicationIn a victory for consumers, builders, lenders and other industry stakeholders, the Consumer Financial Protection Bureau (CFPB) has announced that new mortgage lending rules scheduled to take effect on Aug. 1 will be delayed until Oct. 1.

CFPB Director Richard Cordray said the delay will “better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

On Oct. 1, the Good Faith Estimate, the Truth in Lending and HUD-1 Settlement Statements will be replaced by the CPBP’s new integrated disclosure forms, the “Loan Estimate” and the “Closing Disclosure.”

The biggest change is that the Closing Disclosure must be provided to the consumer a full three days prior to closing, and if there are certain changes during that 72-hour period, the closing could be delayed.

To prepare those in the residential construction field for the impending rule changes, NAHB will be holding a webinar on June 24 from 2-3 p.m. ET. This webinar will show you how to work proactively with lenders and settlement stakeholders to avoid unnecessary delays to home closings.

Register for NAHB’s June 24 webinar.

Learn more about the new rules and view NAHB resources to help you comply.

For more information, email Steve Linville at NAHB or call him at 800-368-5242 x8597.

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Comments (2)

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  1. Nancy Deichert says:

    It is my understanding this is a “proposed” change and that it is not yet final, per the link to CFPB in the first paragraph.

    • NAHB Now says:

      The CFPB will be issuing a proposed amendment that will delay the effective date of the final rule from Aug. 1 to Oct. 1. So the final rule will now go into effect on Oct. 1.

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