CFPB: What The Heck Is This? STOP And Watch This Video!
If you are a Realtor you MUST watch this video. I know, I know, the real estate market is booming and you barely have time to eat or sleep. But trust me, this is important stuff and you must start preparing now.
What if I told you the HUD-1 settlement statement is being replaced by something called a Closing Disclosure? What if I told you the buyer had to receive a copy of the Closing Disclosure at least three days before closing – or you don’t close? You probably wouldn’t believe me. It’s happening, but these changes will ensure a smoother, less stressful closing for you and your client.
There is no need to panic – just start preparing. This video will provide you with a great overview of many of the changes that will forever impact the real estate industry. After a few minutes of watching this video you may start to fall asleep. Do whatever you have to do to make it through the entire video!
You have heard me say before that you must have an AMAZING closing attorney. One that is knowledgeable and available to answer your questions night or day. That has never been more critical than now.
Over the next many months, I will continue to provide more information and helpful tips to ensure your real estate business doesn’t miss a beat. I am here to help make this transition as seamless as possible for you and your clients. So grab some popcorn and enjoy!
Download – CFPB: Sample Loan Estimate (PDF)
Download – CFPB: Sample Closing Discloure (PDF)
(The information provided is for informational purposes only and should not be used or relied upon for any other purpose. This information is not intended nor should it be construed as providing legal advice. Old Republic National Title Insurance Company does not guarantee, and assumes no responsibility for, the accuracy, timeliness, correctness, or completeness of the information. Always seek the advice of competent counsel with any questions you may have regarding any legal issue.)
As always, if you need help with anything at all, please do not hesitate to contact me anytime at (912) 484-1996 (even nights and weekends) or email me at jgerber@brannenlaw.com.