Slated to begin August 1, 2015, two new forms, a Loan Estimate and a Closing Disclosure, will replace the HUD-1 Settlement Statement, the Good Faith Estimate, and the Truth-in-Lending disclosure form.
“The CFPB will be issuing a proposed amendment to delay the effective date of the rule until October 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks,” Cordary said.
“We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”
courtesy of: RealtorPeg, https://realtorpegsdblog.wordpress.com/
& Ivan Solis, Jr. Sr. Sales Executive, Title365, Ivan.Solis@Title365.com, 619.804.9000