It seems like just yesterday that we were introduced to the new HUD-1 Settlement Statement designed to integrate Good Faith Estimates (“GFE”) information into the settlement statement to help clarify certain mandatory disclosures for borrowers. If you are in the process of borrowing money to refinance or purchase a home now, these settlement statements, and the lending process as a whole, have undergone another drastic change under the Consumer Financial protection Bureau’s (“CFPB”) new TILA/RESPA Integrated Disclosure Form, or TRID, which replaces the HUD-1 and Truth in Lending Disclosure (“TILA”) form previously used.
These forms are intended to provide clearer information to borrowers to help facilitate comparison shopping for the best lenders to fulfil a borrower’s needs, provide borrowers with loan estimations no later than three (3) days after submission of the loan documentation, provide clear details about loan documentation to better understand the process and finally require that the disclosure forms be provided to borrower’s three (3) business days prior to the scheduled closing.
Along with the obvious changes to the information provided to borrowers, lenders are requiring stricter guidelines for the real estate agents and attorneys who are chosen by the borrower to close loans. While many law firms are behind the curve in implementing these changes, The Law Office of Dennis J. DiSabato, Jr., LLC has updated their policies and have been compliant with the anticipated changes even before the October 3, 2015 deadline that was approved by the CFBP. Therefore, we are more prepared than many other firms in helping you to navigate your transaction and will be approved by any lender to settle a real estate transaction.
If you are contemplating a real estate purchase or refinancing an existing loan, please call us today to help you get closed quickly and accurately.
Dennis J. DiSabato, Jr.
The Law Office of Dennis J. DiSabato, Jr., LLC
3888 Renee Drive, Suite 201
Myrtle Beach, SC 29579