Starting in August lending regulations are changing!

Miranda Blogs Real Estate

For closings with loans there will be no more HUD1 forms!  Also there will be no more Good Faith Estimates.  Instead lenders will write LOAN ESTIMATES.  Then when the closing papers are prepared the closing document will look like the loan estimate that the buyer saw when they were calculating loan closing costs.  That is a good thing, because it will be so much easier for buyers to understand compared to the HUD1 Form.

The bad news is that the closing documents will now be prepared by the lender instead of the Title Company or Attorney.  They have to be prepared and signed off by the buyer at least 3 business days prior to closing.  If the buyer cannot meet with the lender to sign the paper then they will have to E-Sign them.  For those parties who are unable to E-sign the forms will have to be mailed and…

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