Summer is here, the days are long, the sun is shining and the great outdoors is beckoning. We hope your summer is filled with fun and relaxation. When it's time to get back to work, be sure to stop in and see us. And don't forget to check out the article below on the changes coming in August. The experts at Cascade Title are here for you, keeping you up to date with new forms and timelines, and making sure every one of your business transactions is a success!
Your Friends at Cascade Title
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Some of the most-basic forms and timelines used in real estate closings are changing soon! The HUD-1 (the Settlement Statement that shows Buyers what amount to bring to closing and what net amount a Seller will receive) was last changed in 2012. Same with GFE (Good Faith Estimate) and TILA (Truth In Lending Act disclosure) given to borrowers). Now that we're finally used to the new forms, it's time to (you guessed it) change the forms again! While we're at it, just to make it complicated, let's change the timelines around, too! Click here to see the new forms. Click here to see the new closing timeline.
Currently, settlement agents (escrow) are required to provide the HUD-1, while lenders are required to provide the TILA disclosure and GFE. Starting in October, the lender is responsible for delivering the Closing Disclosure form to the consumer, but lenders may ask settlement agents to provide the Closing Disclosure, provided that the settlement agents comply with the requirements for the Closing Disclosure. The lender may either prepare the Closing Disclosure form or share responsibility for it with the settlement agent. Who does what will vary, depending on which lender is involved.
For more information on these changes, talk to the professionals at Cascade Title.