(Jeff Sorg, OnlineEd) – NAR President Chris Polychron, recently cautioned that closings for some home sales could drag after October 3, 2015as the real estate industry transitions to the new closing procedures required by the Consumer Financial Protection Bureau’s integrated disclosure rule. “There likely will be bumps in the closing process while all parties get used to the new requirements,” he said. “We hope that the move away from the HUD–1 is smooth, but even if only 10 percent of transactions experience closing issues, that’s as many as 40,000 transactions a month.”
Don’t wait until August 1st to find our what’s going on with these important changes to the closing process! There’s plenty of material online about the RESPA-TILA Integrated Disclosure rule (“TRID”). Our favorite FREE version is in the OnlineEd not-for-CE catalog of Real Estate Professional Development Courses.
Watch our short video about these changes:
For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.
This article was published on May 21, 2015. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.