New Financial Disclosure Rules not as Bad as Rumor Has It.

Congress has directed the Consumer Financial Protection Bureau to simplify the home loan process. Until last week the consumer would receive four documents relative to their loan transaction. There are now two. The forms are easier on the eyes. The new Rule requires the Lender to issue two documents. 1. The Loan estimate must be provided within three business days of applying for a loan. This replaces the Good Faith estimate which was required to provided with the days. 2. The Closing Disclosure will replace the HUD Statement. This document must be sent to the borrower within three days business day before the closing. For the purpose of this document

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Massachusetts Academy of Real Estate

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