As I blogged about last week, the mortgage process is changing and one of the main changes is that four forms required by the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) will be consolidated to 2 forms, the Loan Estimate form and the Closing Disclosure form.
Also, where in the past your HUD1 statement could change on the day of closing, lenders will now be required to provide 3 business days for your review if there are any changed circumstances. Primarily this includes…
- An increase in the APR
- The addition of a prepayment penalty
- A change in the loan product (ex: fixed rate to adjustable rate)
Please contact me with any questions and I will be happy to put you in touch with a trusted mortgage professional.You or someone you know looking to buy or sell?