Be Prepared: What the New Mortgage Disclosures Mean for Builders

Be Prepared - What the New Mortgage Disclosures Mean for Builders
A Builder's Guide to Preparing for October. 3rd's Dodd-Frank Changes
Presentation by: Richard Croft, Title America
                          Janice Ramsey, Oak Mortgage

On Aug. 1, the Good Faith Estimate, the Truth in Lending and HUD-1 Settlement Statements are being replaced by the Consumer Financial Protection Bureau's new integrated disclosure forms, the "Loan Estimate" and the "Closing Disclosure." The biggest change is that the Closing Disclosure must be provided to the consumer a full three days prior to closing, and if there are changes during that three-day period, the closing could be delayed. This seminar is designed to prepare builders for the impending changes and how to work proactively with lenders and settlement stakeholders to avoid unnecessary delays to closings.
Learning Objectives

• Create awareness of impending new origination and settlement disclosure changes for builders
• Provide proactive steps to prepare builders for the changes
• Share ways a builder can minimize potential issues by communicating early to their customers and business partners