CFPB Guide Helps Builders Comply with Oct. 3 Lending Rules

Filed in Homeownership, Housing Finance by on August 19, 2015 0 Comments

House of ToolsThe Consumer Financial Protection Bureau (CFPB) has released a new online tool to help real estate professionals, lenders and other industry professionals learn about impending changes to mortgage lending rules that become effective on Oct. 3.

In roughly six weeks, the Good Faith Estimate, the Truth in Lending and HUD-1 Settlement Statements will be replaced by the CFPB’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 held a webinar June 24 to explain how to work proactively with lenders and settlement stakeholders to avoid unnecessary delays to home closings. Listen to the replay.

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

For more information, contact Steve Linville at 800-368-5242 x8597.

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