Closing Changes Oct 2015 – Part 4 What can trigger delays? ***Anything involving a change to the loan itself a) switching from fixed to Arm b) change in APR (annual percentage rate) = to greater than 1/8 of a point - if it comes AFTER closing doc is generated ISSUES The new form highlights title … Continue reading Big RESPA Changes – October 2015 – Part 4

Closing Changes Oct 2015 - Part 3 NEW PROCEDURE: Lenders start the loan process by asking borrowers on loan app for specific info; Names & Socials of all borrowers Income Property value, address Amount of loan After this info is provided The lender has 3 business days to use the information and generate a loan … Continue reading Big RESPA Changes – October 2015 – Part 3

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Closing Changes Oct 2015 - Part 2 WHY CLOSING CHANGES? Previously - lender & title companies could change their estimate about the cost of a loan without being accountable for change Result - sometimes people were asked to pay more $ at closing than expected NEW FORMS - Buyers will see which fees are changeable and which … Continue reading Big RESPA Changes – October 2015 – Part 2

Closing Changes Oct 2015 - Part 1 Why:  Millions of people signed up for loans they did not understand and ended up losing their homes CFPB - Consumer Financial Protection Bureau - brought into existence by Congress when it passed the Dodd-Frank Act 2010 PURPOSE: protect people from predatory lending 3 Forms at closing you are … Continue reading Big RESPA Changes – October 2015