Q: What do the recently proposed changes announced by the Consumer Financial Protection Bureau mean for today’s buyers and sellers?
A: The recently proposed changes announced by the Consumer Financial Protection Bureau—also known as the CFPB or Bureau—are good news for professionals committed to serving consumers.
While a home purchase is typically the largest transaction that will happen in your client’s life, the process doesn’t always go as planned. Here’s a quick rundown of the major changes from the CFPB that aim to improve this experience for buyers and sellers.
Integrated Disclosures and the Loan Estimate
The Good Faith Estimate, Truth-in-Lending Disclosure and HUD-1 statement are all going away. Everyone involved will need to learn the new consumer-designed Loan Estimate and Closing Disclosure forms that are designed to be easier to understand.
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