All New! Home Mortgage Forms and Review Periods

Professional Alliance member, Conrad Wouters informs us that there will be an major paradigm shift in forms and review periods starting August 15^th.  There will be new disclosure forms and closing processes this summer: Effective for all mortgage loans closing starting August 1st  2015  new integrated mortgage disclosure forms created by the CFPB take effect. The current Good Faith Estimate and Truth in Lending statement is replaced with a newly designed Loan Estimate. 

The old HUD-1 Settlement Statement is replaced by a new Closing Disclosure form – no more line numbers on two pages: the charges are categorized into seven categories. In addition to these new forms there is a requirement of the lender to deliver the Closing Disclosure papers then allow three days for the borrower to review the forms before signing (not counting Sundays or Holidays).  For owner occupied refinances, this means a three day review period before the actual document signing, then there still is a three day right of rescission period before the loan can be funded.

Contact Conrad Wouters at Evergreen Home Loans for information on your personal mortgage needs at 206-422-9197 or cwouters@evergreenhomeloans.com

See http://www.consumerfinance.gov/knowbeforeyouowe/  for more details.

Conrad Wouters is not affiliated with Candy J. Lee Financial Planning & Money Management or fsic.