Page 5 - The eTRID Guide by Chicago Title
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What is the Consumer Financial Protection Bureau?

Simple answers about the CFPB and how it’s new rules will change real estate transactions.

form with the new Closing Disclosure. The introduction of                          Which forms are in &
the new disclosure forms requires changes to the                                   out on October 3, 2015?
systems that produced the closing forms. Chicago Title
is already well underway in preparing our production                                Out with the old In with the new*
systems to provide the new required fee quotes, prepare
the new closing disclosure forms, and track the delivery                           Good Faith                                   New
and waiting periods required by the new regulations.                               Estimate                                     Loan
                                                                                                                                Estimate
Changes to the Closing                                                             Early TILA
Disclosure Timing                                                                  Form

In addition to new forms for residential mortgage                                  HUD-1                                        New
transactions, the new regulations also require delivery                            Settlement                                   Closing
timetables for delivery to consumers, impacting when a                             Statement                                    Disclosure
closing can take place and disbursements made. Below is a
preview of how the CFPB regulations will impact the closing                        Final TILA
process for transactions that originate after October 3,                           Form
2015.
                                                                                   * As for October 3, 2015 for residential purchase and
Example Closing Calendar                                                            refinance transactions.

      Sunday   Monday                Tuesday                  Wednesday                Thursday                Friday                         Saturday
1                                                          4                       5
               23                                                                                              67
                                                                                          Delivery of Closing      Three-day waiting period
                        Three-day delivery period                                         Disclosure Occurs

                  Non-hand Delivery of Closing Disclosure
                  (i.e. mail)

  8            9                     10 11                                         12                          13                         14

waiting cont.    First day             Three-day right of rescission                                              First day
                 signing / closing                                                                                disbursement
 Sunday not      may occur                         (Applicable to most re nances)                                 may occur
 counted                                                                                                          on most
                 First day                                                                                        re nances
                 disbursements may
                 occur for purchase
                 and some
                 re nances

                                                                                                Know before you close.
                                                             3 Your CFPB readiness partner - every step of the way.
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