New Forms Could Impact Closings

New forms for GFE, HUD-1, TILA

California Association of REALTORS® (C.A.R.) | April 20, 2015

The introduction of the Loan Estimate and the Closing Disclosure forms is right around the corner. Beginning August 1, 2015, the Good Faith Estimate (GFE), the HUD-1 and the Truth-in-Lending Act (TILA) disclosures will be replaced in most transactions by two new forms—the Loan Estimate and the Closing Disclosure. The Loan Estimate will be provided when the borrower applies for a loan. It replaces the GFE and the initial TILA disclosures. The Closing Disclosure will be issued toward the end of a transaction. It replaces the HUD-1 and final TILA disclosures.

The new forms are designed to aid the consumer in comparison shopping, improve consumer understanding and prevent surprises at the closing table. In general, they will impose no new legal obligations on agents and brokers and should not impact the day-to-day handling of sales. However, it is possible that the new forms may initially create delays in closing. You'll want to read questions #38 and #39 of C.A.R.'s new Q&A "Loan Estimate and Closing Disclosure Forms" under the section "Advice for Brokers and Agents"

Please Visit C.A.R. Legal for Specific Information

TAGGED: California Association of REALTORS®, CAR, Forms, GFE, HUD-1, TILA, Truth in Lending Act

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