New CFPB rules August 1
On August 1, the CFPB will require lenders to do away with the Good Faith Settlement Statement and merge the disclosure into 2 forms that will add $50 to a buyer’s closing costs, make escrow and lenders compare notes 3 days before closing (they already do that), and other things that we project will hold up closings due to inconsequential, form-type matters.
CFPB says “bye-bye” to HUD-1 and Good Faith Settlement Statement – Makes New Forms
CFPB = Consumer Financial Protection Bureau
While the CFPB is supposed to represent the consumer, we hope they will rethink… especially the unnumbered lines of the forms which usually are included as reference lines.
Old forms & new forms by the CFPB
The Rule as explained by the CFPB
CFPB’s Consumer Summary
Just as in the Arizona Association of REALTORS Real Estate Purchase Agreement and any other of their forms, there are numbered lines… it’s basic tech writing. It’s a way of communicating, indicating, and referencing.
The AAR will be changing all purchase forms that must meet the CFPB and Dodd-Frank requirements on August 1. Look forward to a new CFPB learning experience.
Go to how2educate.com as the time rolls around and schedule a CE class to help you navigate through the murky waters.
- how2arizona real estate LLC
- 1120 W SR89A, B5
- Sedona, AZ 86336
PS. The CFPB has your back