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New Disclosures Could Impact Mortgage Closing Process

Federal mortgage rules on the horizon

May 11, 2015

By STEVE JONES The Sun News - Tribune News Service

South Carolina Realtors is advising real estate agents to talk to a law firm asap about how new federal laws, closing procedures and documents potentially could cause delays at closing.

The new rules are embodied in the Real Estate Settlement Procedures Act and changes to the Truth in Lending Act that will need to be heeded beginning Aug. 1.

The regulations integrate existing disclosures with new requirements from the Dodd-Frank act to improve consumer understanding of the mortgage process, aid in comparison shopping and help to prevent surprises at the closing table, said the state Realtors association.

SC Realtors said the highlights are:
  • A new Loan Estimate document that replaces the Good Fair Estimate and the initial Truth in Lending disclosure.

  • A new Closing Disclosure document that replaces and combines the HUD-1 and final Truth in Lending disclosures.

  • Loan estimates must be given to consumers within three business days of applying for a loan.

  • The rules apply to closed-end consumer mortgage loans, according to SC Realtor, and not to home equity lines of credit, reverse mortgages, mortgages secured by mobile homes or by dwellings not attached to the property and creditors who make five or fewer mortgage loans in one year.
"It's crucial that Realtors and consumers understand these new procedures so that there are no surprises at the closing table," said Nick Kremydas, the association's CEO.

SC Realtors and the National Association of Realtors have scheduled webinars and live presentations to help educate Realtors about the new procedures.

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