New Mortgage Disclosure Forms – How will these new forms impact you and your future closings on residential purchases?
TIME LINE is the major key for this new Federal Law changes occurring to all customer closings financed with a mortgage. Both Residential Investment properties and Residential vacant land purchases will have to comply with this new consumer law. Beginning October 3, 2015, all customer mortgage applications are required to meet the new Loan Estimate and Closing Disclosure law. This is very important to both Buyers and Sellers as closings could be delayed due to the new disclosure waiting periods. Effective – On all Mortgage Applications taken on or after 10/03/15. (All applications completed prior to the 10/03/15 date will continue to be closed under the old regulations). The Mortgage Providers will be the driving force to insure compliance with these closing changes. Therefore, it will be very important to discuss these new regulations with your mortgage provide so that you have a clear understanding of how this will effect you to ensure timely and accurately closing. Your Mortgage provider will be a tremendous resource in answering questions regarding the new laws that are now in effect.
Here’s a “time line” of how the schedules will work:
If you have any questions regarding the new Consumer Federal Guidelines, please contact BB&T, Jean Jackson Crews 850-865-5326, NMLS#595305 or your favorite Mortgage Lender.
If you are looking to purchase or sell property, please give me a call for your free market analysis.