The HUD-1 settlement statement and Good Faith Estimate forms are going away on August 1. The Truth in Lending Act disclosure is going away as well. In their place will be a new closing disclosure and a new loan estimate. There will be changes to the closing process as well, including a new rule requiring everything to be in place three days prior to closing. And last-minute changes face new hurdles. Learn about the changes in this walk-through.
This information is provided by the REALTOR Magazine from the National Association of Realtors and while it was created for the Realtor Community it will apply to anyone in the process.
For more or updated information, please go to Realtor.org/Respa