Closing Process Changes: What To Expect

New mortgage disclosure rules will take effect Oct. 3, and lenders and real estate brokerages are quickly preparing for what has been predicted to be big changes to home closings.

Mortgage lenders will be required to begin using new consumer disclosure forms on Oct. 3. The changes will merge the HUD-1 Settlement Statement, the Good Faith Estimate, and the Truth-in-Lending disclosure form into two new closing forms: a Loan Estimate and a Closing Disclosure.

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