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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 HOME LOAN TOOLKIT
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The CFPB has interactive examples of both forms.  Click on each to learn more.
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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.


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Licensing

Texas Consumer Rights
NMLS Consumer Access

Privacy

Paul Enos

Terms of Use
Privacy Policy
NMLS # 350086
Know Before You Owe
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TEXAS CONSUMER NOTICE
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE COMPANY OR A LICENSED MORTGAGE RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.  THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT-OF-POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE COMPANY RESIDENTIAL MORTGAGE LOAN ORGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.

                                                                    www.sml.texas.gov/ConsumerInformation/tdsml_recovery_fund_claims.html

Copyright © 2015-2019   |  Paul Enos, Residential Mortgage Loan Originator, NMLS # 350086
First American Mortgage, Company NMLS # 312233, www.famctx.com
4926 Spicewood Springs Road #100, Austin, TX 78759