Any mortgage applications that are initiated beginning August 1, 2015 will be under new guidelines. These new guidelines are all CONSUMER focused to make the forms less confusing and user friendly.
This short video is an excellent introduction to what will be changing and give you an idea of what the new forms will look like.
The biggest change is the new "3 day" requirement. The final closing statement must be in the hands of the buyer 3 days prior to the actual signing of closing documents. Those in the Real Estate industry are very familiar with the current process of sometimes getting closing figures the day of closing. NOT AFTER AUGUST 1st!!!
It will simply be a learning curve that will involve communication, setting expectations and having a lot of understanding and flexibility while everyone adjusts.
Changes coming to the closing process - August 1st!
#HUD1 #settlement #NAR #closingchanges #realestate