The Consumer Financial Protection Bureau (CFPB) enacted the new mortgage disclosure rule to make it easier for consumers to shop for mortgages and to protect them from costly surprises at closing.
So, effective August. 1, 2015, some dramatic changes in the real estate transaction process are coming, which affect Realtors, lenders and title companies. Changes include new closing forms, the elimination of the HUD-1 Settlement Statement, and new requirements to proceed to closings. Watch this video to learn about the new vocabulary, new forms and how these RESPA requirements will protect consumers.
Please give me a call for more information on these new requirements, I’d be happy to assist you in any way. 727-321-7678
Thanks to the Florida Realtors for this very informative video.