February 23, 2018

Lending Rule Changes Take Effect Monday

Loan-Application-Bank-Finance-paperwork_450_250The Urban Turf offers some helpful information on new lending rules set to take effect on Oct 3:

What DC Homebuyers Need to Know Starting Monday. New home loan applications received on or after this Saturday will be subject to the Consumer Financial Protection Bureau’s final rule for TRID. TRID stands for TILA-RESPA Integrated Disclosures, forms that will replace existing closing disclosures as well as the HUD-1 settlement statement. The introduction of these new forms will come with new procedures and deadlines. These changes primarily affect operating procedures for mortgage lenders and, by extension, their third-party service providers such as title companies. However, consumers should be prepared to set aside more time for closing, especially in the beginning as the industry conservatively adjusts its tack…”  Read more at What DC Homebuyers Need to Know Starting Monday

More information for consumers can also be found on the Consumer Financial Protection Bureau website.

 

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