Important Things You Need to Know
To Be Ready for the Changes in Mortgage Laws
August 28, 2015
The Consumer Financial Protection Bureau (CFPB) was created by the Dodd-Frank Wall Street Reform Act to provide consumers the information they need to have more control of their economic lives. Beginning October 3, 2015, the CFPB is implementing new and improved mortgage forms that will keep you more informed on your mortgage loan details and the closing costs associated with your home purchase.
- A normal purchase contract timeline (from full acceptance to the time your purchase is complete) will be 45 days.
- This law also requires that the buyer have all the information concerning the loan and fees associated with their loan at least 3 days prior to the signing of their loan documents, providing peace of mind that there are no last minute surprises.
- Communication between the parties supporting your purchase is critical to an on time closing: REALTORS(r), Lender, Title, Escrow and you all need to have easy paths to communicate.
- Your Long Companies Team, Long Realty Company, and its affiliate companies Long Mortgage Company and Long Title Agency, along with our Title Security escrow partner are trained in the new process and ready to help you through it every step of the way!