Big RESPA Changes – October 2015 – Part 2

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 ones are not

**Bonus 

It is easier to compare loan options

A buyer can see what’s changed between the loan application and closing

MECHANICS – you need to know this *****

Lenders are required to give a loan estimate to a borrower 3 business days after a loan app is taken

A closing document MUST be provided 3 days before the scheduled closing date

Side note – The task will not be delegated to title companies

Generous 3 day period to look at closing docs and ask questions about what they say

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