In part one of this two-part series, RESPA News reviewed the history of the new RESPA/Truth in Lending Act mortgage disclosure forms. In part two, find out where we are currently with the forms and where we are headed.
Where we are
Chuck Cain, senior vice president and agency manager for WFG National Title Insurance Co.’s Midwest Region, called the Consumer Financial Protection Bureau’s (CFPB) new disclosure forms a “sea change” in the way mortgage transactions are handled and discussed the importance of managing relationships with lenders and other closing table participants — and served up some of his more sober comments with a side of comic relief.
“This is going to be a sea change,” Cain said during a June 11 session at October Research, LLC’s 10th Annual National Settlement Services Summit (NS3). “This is not going to be like the change to the 2010 HUD-1 Settlement Statement. This is not just a change in the form. This is a change in the structure of the closing process. We’re going to be in a whole new world about how things work, including a three-day period in which a borrower is going to get the opportunity to review the closing disclosure before consummation of the transaction.
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