Ticor Title is happy to offer some answers to the questions regarding CFPB and the new rules that will change your real estate transactions. The CFPB’s primary goals are: easier-to-use disclosure forms, improved customer understanding, better comparison shopping, and to help avoid costly surprises at the closing.
In November of 2013, the CFPB announced the completion of their new disclosure forms, and new regulations known as “The Rule”. Beginning August 1, 2015, any residential loan will be subject to the new rules and forms set forth by the CFPB.
The Rule replaces the Good Faith Estimate (GFE) and early TILA forms with the new Loan Estimate. It will also replace the HUD-1 Settlement Statement and final TILA form with a new Closing Disclosure.
Informational flyers are available for download from Ticor Title, by clicking here. The forms are also available on your Ticor Sales Executive Website, under “CFPB” on the left hand menu of the homepage.
Ticor will continue to keep you informed throughout the process of change. For more information, contact your Ticor Title Sales Executive today!