Live Webcast: Understand Closing Process Changes

By now you’ve heard about the big changes coming to the closing table in the months ahead.

Starting soon, the HUD-1 settlement form, the Good Faith Estimate, and the Truth in Lending Act disclosure are going away. They’ll be replaced by a new Loan Estimate and a new Closing Disclosure.

webcast2And that’s not all. The Loan Estimate will have to be given to the buyer three days after the loan application is submitted. The Closing Disclosure will have to be in the hands of the buyer three days before closing. And if certain changes are made to the Closing Disclosure after the buyer receives it, the paperwork will have to go back to the lender for approval, starting the three-day clock all over again.

These changes were developed by the Consumer Financial Protection Bureau to make the process easier for buyers to understand and also to reduce the chances of last-minute surprises—and they will affect every closing in America. And as a real estate professional, you’re the one who will be bringing everyone together, keeping things on track, and providing explanations. To help you prepare for the new rules and avoid surprises, NAR will be presenting a live webcast featuring Phil Schulman, an attorney with K&L Gates and former official with the U.S. Department of Housing and Urban Development who specializes in federal closing rules, and NAR Senior Counsel Finley Maxson. The webcast is scheduled for Thursday, July 16, at 2 p.m. Eastern time. Click here to register.

If you have a question you’d like us to address during the webcast, please let us know by leaving a comment below.

Robert Freedman

Robert Freedman is director of multimedia communications for the NATIONAL ASSOCIATION OF REALTORS®. He can be reached at rfreedman@realtors.org.

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Comments
  1. Thanks for the article. The new forms are much clearer for the consumer. I’m not looking forward to the time delays but the forms will be great!

  2. Kim Shivers

    How will contract language change to reflect vacancy & final walk through inspection if closing date is not certain? Seller’s & Buyer’s have non refundable deposits for moving company or rental truck….if HUD 1 approval is delayed during those last few days prior to closing, is the party that caused the change responsible for everyone’s add’l expense for such a delay? I can see being asked for add’l negotiations that would have to be addressed in the agreement of sale that covers who is responsible to pay for additional expenses if the “domino’s/back to back transactions” is stalled by one party and causes a 3 day delay. Maybe vacant premises prior to closing is not realistic?

  3. Diane McAllister

    Thank you again big government. Maybe it is time to get out of the mortgage business and real estate . Glad I am at the end of my 30 year career. Glad to retire.

  4. Robin

    Will there be another webinar for those that 2pm is not a convenient time?

  5. signe peterson

    would like to see additional times for this important information. Posting once is not enough at this time of year. thanks

  6. Robert Freedman

    The webcast is available for viewing at any time on YouTube: https://www.youtube.com/watch?v=lKTcG4MFrFE
    Thanks for your comment.

  7. Very good article and very much informative. Thanks for sharing.

  8. Thanks , i have watched the presentation , it was Nice and informative

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