New Rules Give House Buyers More Review Time
Posted by Jay Gulick on Monday, November 2, 2015 at 3:01 PM By Jay Gulick / November 2, 2015 Comment
From Marketwatch.com: The federal government requires that as of Oct. 3 loan disclosure documents must combine the information required in the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). Under the new rule change, known as the “Know Before You Owe” rule, or the TILA-RESPA Integrated Disclosure (TRID) regulation, consumers must be given the new combined Loan Estimate (LE) with all the charges, fees and line items three days before the closing, rather than at the closing on the HUD-1 form, which itself will disappear. Read more.
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