The “New and Improved” Closing Disclosure… Coming August 2015!

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The closing process as we know is about to change!  As of August 1st, 2015 Sellers and buyers will be signing a 6 page document called a “Closing Disclosure” vs a 3 page HUD Settlement Statement that is used now.  Created by the CFPB (Consumer Financial Protection Bureau) this new document is more transparent and  seemingly easier for your client to read.  Click on this link to read more about the “final ruling”

www.consumerfinance.gov/regulations

To see a copy of the new Closing Disclosure click this link  http://files.consumerfinance.gov/f/201311_cfpb_kbyo_loan-estimate.pdf

For any questions concerning this upcoming change contact any one of your Continental Title Company closers or processors.