Under the new procedures, four documents will be merged into two. The Good Faith Estimate and Truth in Lending disclosures will be eliminated and combined into a new single Loan Estimate form, or “LE” (see left).
In addition, the final Truth in Lending Disclosure and HUD-1 Settlement Statement are being replaced by the Closing Disclosure, or “CD.”
NAHB has fact sheets and other important resources to help you comply with the new requirements. CFPB also has online resources.
The HBA of Greater CIncinnati will host a forum on the changes on September 22nd from 9:00-10:30am at the HBA Conference Center (415 Glensprings Drive, Cincinnati) featuring representatives from Wells Fargo and Wesbanco. It's free for all HBAGC members. Go to web.cincybuilders.com/events to register.