Consumer Financial Protection Bureau (CFPB) New Closing Regulations May Create Delays in Closing Your Escrows
Beginning October 3, 2015, the Good Faith Estimate (GFE), the HUD-1 and the Truth-in- Lending Act (TILA) disclosures will be replaced in most transactions by two new forms – the Loan Estimate and the Closing Disclosure. It is widely expected that the new forms and rules may create delays in closing. In light of this possibility, we offer some general advice.
The new forms are designed to aid the consumer in comparison shopping, improve consumer understanding and prevent surprises at the closing table.
The main problem with the new forms and rules is the potential for delays in closing. Although it is not for certain, it is widely…