Do you know the New Closing Procedures?
The Consumer Financial Protection Bureau has changed the lending process starting October 3. The Good Faith Estimate and the HUD-1 settlement statement are being replaced with a Loan Estimate and Closing Disclosure forms. New procedures have been created around those forms that are date-sensitive and could negatively effect the sale of a home. To see the new forms and learn how to comply with the rules, go to consumerfinance.gov/knowbeforeyouowe.