CFPB: Are You Ready for the Changes?
October 17, 2015 | Richard Sites
In my years in the business of real estate one phrase I have heard often is how many other homes a buyer or seller has owned. This is usually meant to imply the “they didn’t just fall off the turnip truck”. Now, with the new CFPB rules in place, it is time to reset the clock to zero since everyone is entering into uncharted waters together.
Any residential contracts requiring financing that were entered into after October 3 are subject to these rules. Closings are now “lender driven” instead of the previous system where they were title company driven.
And like all new government regulations there are endless regulations to comply with including the handling of “sensitive information”, securing of data and most importantly the changes in the closing statement.
If you are considering purchasing or selling in the next 6 months, I would strongly suggest that you engage a local real estate attorney to assist in the transaction. Not only is the size of the transaction large but the risks to your deposit have increased. If you have been reading my posts, you know that I always recommend the use of a real estate attorney during a transaction.
If you need the names of some great local attorneys that will get you into the home of your dreams and make sure you close successfully, use the form below to contact me.