On October 3rd, new rules will come into affect that will change the way you apply for a home loan. The changes are important, and could extend the time it takes to close on a home loan. The new changes in applying for a home loan are especially important to know when you are selling and buying a home simultaneously.
Home Loans in the past were governed by RESPA “Real Estate Settlement Procedures Act”. The new rules which will be in effect on October 3rd of this year are now enforced by the Consumer Financial Protection Bureau (CFPB). On November 20, 2013, the U.S. Consumer Financial Protection Bureau (CFPB) issued a final rule to integrate disclosures and regulations required by RESPA and the Truth in Lending Act (TILA). The final rule, called TILA-RESPA Integrated Disclosure (TRID), integrates 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.
We spoke with Michelle Schmidt at Caliber Home Loans about the new rules affecting home loans and the changes, she provided us with some very helpful short videos explaining the whole process which are posted below. Windermere Arlington was granted permission to post the videos on our site to help consumers in understanding this new loan process. If you have questions about the Home Loan process, please call or drop in and speak to Michelle or Earl Schmidt.
Windermere Arlington is not affiliated with Caliber Home Loans, and we do not receive referral fees from Caliber Home Loans.