PRIMER FOR A NEW ERA IN CLOSINGS

Posted on: April 27th, 2015 by Andrew Clark No Comments

PRIMER FOR A NEW ERA IN CLOSINGS

On May 4, 2015, the Joint Committee of the Cincinnati Area Board of REALTORS® and the Cincinnati Bar Association will host a “lunch and learn” forum on the new integrated mortgage disclosure forms.  The forum will be at the Cincinnati Area Board of REALTORS®/14 Knollcrest Drive/Cincinnati/OH  45237 from Noon to 1:00 p.m., and the speaker will be Roccina Niehaus, Esq. of Wood and Lamping, LLP.

The new Closing Disclosure (CD)  will replace the current HUD-1 form that has been general use in the residential mortgage industry since 1974. The CD will be required for all mortgage loan applications taken on or after August 1, 2015.

The Closing Disclosure will integrate the current Truth-in-Lending, Good Faith Estimate, HUD-1 and certain RESPA disclosures. It will be 5 pages long and have 5 columns for information. Timing, preparation and delivery of the CD will be regulated by the rules established by the Consumer Financial Protection Bureau in its 1888 pages of regulations and rules issued on November 20, 2013.

The basics of these new regulations and rules will be highlighted and discussed in this forum to familiarize the audience with the changes to the closing process.

So grab your lunch and bring it to the forum to learn about these changes in closing procedures/documents for real estate transactions.

Register on line at www.cabr.org, under the CABR Events section, and use the Event Code RLF0504.