Page 5 - The eTRID Guide by Chicago Title

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.