Members Gather to Learn About Changes to Closing Procedures
On March 2, 2015, the Joint Committee of the Cincinnati Area Board of REALTORS® and the Cincinnati Bar Association hosted a “lunch and learn” forum on the new integrated mortgage disclosure forms. The forum was held at the Cincinnati Bar Association with speaker Roccina Niehaus, Esq. of Wood and Lamping, LLP. There were 72 attendees at the forum.
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.
CABR and CBA will offer additional informational opportunities on this subject prior to the implementation. Some will provide CE credit and others will be informal presentations, including another forum on July 6 at the CABR office.
These new forms and procedures will be a big change for the industry. Don’t miss out on your opportunity to be prepared.