Sweeping Changes to Closing Process Taking Place August 1st

Man's Hands Signing Document

 

Real estate is in a constant state of flux. With advances in technology, industry changes can happen faster than they ever did before. Such changes are happening again in real estate.

The Voice of Real Estate, an industry news reporting arm of the National Association of Realtors announced sweeping changes brought about by the Consumer Financial Protection Bureau that will affect the closing process nationwide. These changes include the retirement of the HUD-1 closing statement, the Good Faith Estimate, and Truth In Lending. They will be replaced by two new forms: the Loan Estimate and the Closing Disclosure. All paperwork must be finalized no later than 3 days prior to closing. If last minute changes are made, it could trigger the three-days to start over again.

Also covered in this latest news piece:

  • New proposed rules concerning the use of drones in real estate
  • Foreign investors increasingly interested in American commercial real estate

 

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