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Closing Forms About to Get a Big Makeover

May 17, 2015 by ccc395

Here are some New procedures imposed by the U.S. Consumer Financial Protection Bureau to make the long Closing Process easier to understand by the consumer. Read more from the Washington Post and follow link below to see additional information. – Ed Corbett, REALTOR

Closing Time  –  New Procedures

article by: Michele Lerner May 14 / Washington Post

Closing Forms About to Get a Big Makeover

Some of the key documents in the mountain of paperwork consumers sign at closing time when they purchase a home are about to get a big makeover.The changes, which take effect Aug. 1, are being imposed by the U.S. Consumer Financial Protection Bureau to address problems that surfaced during the meltdown of the housing market when millions of buyers took on complicated loan products they didn’t understand and ended up losing their homes in short sales or foreclosure.At least one of the changes is aimed at giving buyers a little breathing space — providing them three days to review all the paperwork and ask questions about it rather than rushing through it at settlement, as many currently do.Anyone who has bought a home in recent years is familiar with the good faith estimate, the truth-in-lending document and the HUD-1 settlement statement. All three of those documents are set to disappear as part of the new rules established by the CFPB in accordance with the Dodd-Frank Act.

“The goal of the CFPB is to make it easier for consumers to understand their loan terms,” says Mitchel Kider, chairman and managing partner at Weiner Brodsky Kider PC in the District. “I think the result will be helpful to consumers but there will be a learning curve for everyone.”

Read complete article by following this link to Washington Post.

 

Filed Under: Alpharetta, Atlanta, Contact Me, Ed Corbett | Realtor, For Buyers, For Sellers, Georgia, Home, Home Loans and Mortgages, Housing News, My Blog, Real Estate

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About the Corbett2Corbett Team

Corbett2Corbett TeamThe C2C Team actively searches to provide you with answers to today's real estate market's questions. They work to put you in front of investment property or the perfect family home. C2C knows real estate. Click here for recent history & recommendations at Realtor.com.

Ed Corbett, team lead, has 18 years of sales and marketing experience. He specializes in the North Georgia area and has a keen understanding for maintaining constant communication with vital links in order to close the sales cycle. He is ready to assist you today. Contact Ed today and put the C2C Team to work for you.

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Top qualities: Great Results, Informative, High Integrity –

We had been renting for the five years since moving to Georgia, living in three different homes! Periodically we would call upon Ed to show us houses, but we were not able to find what we wanted, where we wanted. Ed was very patient and willing to work with us as we sought the place we finally bought. He guided us through the particulars of real estate and offered his expertise wisely and well. Our experience was a very pleasant one.

February, 2012 – Dr. & Mrs. Titel / Buyer

About Ed Corbett

Ed, of The Corbett 2 Corbett Team, is a Licensed Georgia REALTOR®. Experienced with both buy & sale cycles of Residential Real Estate.
He is also BPO certified.

The Corbett 2 Corbett Team Keller Williams Realty First Atlanta
cell: 404.909.2299
office ph: 404.531.5700 (ext.3225)
Fax: 404.531.5708 Email: edcorbett@kw.com

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