Category: Mortgage


Updates from the CFPB| 2015-07-30 | HousingWire

Washington DC

The Consumer Financial Protection Bureau wants mortgage lenders to stop using marketing services agreements, and it’s using the stick rather than the rules process to do so. The industry says no fair, that’s regulation by enforcement. What do you think?

Source: CFPB to mortgage industry: Get out of MSAs | 2015-07-30 | HousingWire


Can I Get a HUD?

After October 3, 2015 you will no longer be receiving a HUD-1 settlement statement before consummation of a closed-end credit transaction secured by real property.

Say what?!?!

That’s right, I just said consummation of a closed-end credit transaction and no more HUD. There is new jargon to go along with the new, easy-to-read, consumer friendly, disclosures.

Bon Voyage HUD!

After October 3, the ‘HUD’  will be called a ‘Closing Disclosure’ (CD). ‘Closing’ will be referred to as consummation and the ‘Good-Faith-Estimate’ (GFE) will be called a ‘Loan Estimate’.

Take a peek at the new disclosures!

www.closing-disclosure.com

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