A New  Way of Doing Business

The CFPB's home loan disclosures apply to all loan applications started on or after October 3, 2015.
The CFPB has interactive examples of both forms.  Click on each to learn more.

Get to Know the Forms

Gone are the up-front Good Faith Estimate and Truth in Lending forms, and no more HUD-1 Settlement Statement at closing. Now upfront with your loan application you will receive a standardized, much easier to read, Loan Estimate.  Then, at least three days prior to closing you will receive the Closing Disclosure. 

The Closing Disclosure is formatted just like the Loan Estimate to make it easy for the consumer to confirm that no loan terms have changed.

Plus the Home Loan Toolkit is provided with each loan application.

The Closing Process and 3 Day Waiting Period

Closing timelines have to take into account the required waiting periods and disclosures.  The key requirement?  The homebuyer must receive the Closing Disclosure three days prior to closing.

With good communication and the right partners smooth on-time closing will continue to be the norm.  More than ever you want good communication between your lender, your Realtor and your title company.