This week, we are hearing news of a new consumer closing disclosure. This disclosure required by the CFPB – Consumer Finance Protection Bureau will require lenders to disclose all the terms of a loan to the buyer 3 full days before escrow signing. Jay Seymour from
Landmark Professional Mortgage explains it as follows:
“While it's too early to be certain, I think it will work like this, using a file signing this Friday as an example:
-signing is scheduled for this Friday, so that's considered the Consummation Day.
-to be safe we would be required to generate and disclose (electronically via email) the Closing Disclosure to the buyers no later than
the Monday of this week. That would give them the three days in between that should meet the requirements.
-the Closing Disclosure includes the following: general loan details, such as rate, amount, payment, amount in escrow, closing agent info (escrow), closing costs, funds required for closing, etc.
Look for this change on August 1, 2015. Jay Seymour can be reached at 503.763.2151
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Brenda Bonebrake 503-932-8222 or Brenda@KeyToOregon.com
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In today's changing real estate market, experience and timing are everything. Ranked in the "Top 1% of Berkshire Hathaway HomeServices Nationwide" for the past 14 years, we love what we do. We love where we do it and we would love to show you around. Let us put our combined expertise to work for you. We know that our success comes one transaction at a time and our combined expertise doesn't cost any more, just delivers a greater value to you. We invite you to contact us as we'd be happy to assist you with this most important transaction. In addition, if you have any general questions about buying or selling real estate in Oregon, we are happy to help at any time.
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For home buyers we believe that the process should begin with providing a complete picture of the available and surrounding Willamette Valley Oregon communities, rather than just showing available homes, one after another. After
all, if you end up with a pretty home, but find yourself in a community at odds with your personal needs, you have a very poor outcome indeed. Listening to your wants and needs plus support and education on the home buying process are
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