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Closing Procedures About to Get Easier, Safer

Closing Procedures About to Get Easier, Safer

| Jul 30, 2015 | Housing Market

First things first: two forms instead of four. The old Good faith estimate, HUD-1 Settlement Statement, and two Truth-in-Lending disclosures are being replaced by a Loan Estimate and a Closing Disclosure, effective October 3rd. Even better, the forms are both standard, and part of every Mortgage transaction, so it becomes much easier to compare apples to apples. U.S. News & World Report goes into a lot more detail including impacts on the industry, potential effects on Closing time, and some things that you’ll get to see for the first time ever.

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