There has been a recent development that should be of critical importance for real estate professionals regarding the new closing disclosure requirement. The Consumer Finance Protection Bureau (CFBP) recently announced the new rules regarding residential real estate closings will be pushed back from August 1, 2015 to October 1, 2015.
CFPB explained that this change was the result of 1) a “technical mistake” (which would have caused only a two week delay) and 2) CFPB’s determination that the additional time would better “accommodate the interests of […] consumers and providers whose families will be busy with the transition to the new school year at that time.”
This should come as a relief to many real estate professionals, loan officers and other mortgage bankers who handle residential real estate transactions. If you are one of these professionals you now have more time to become familiar with the new rules and implement procedures necessary to execute a real estate transaction in compliance with the CFPB. Our firm offers complimentary seminars regarding the new rules to professionals in this industry. If you are interested please contact us.