Beginning August 1, 2015 the HUD-1 Settlement Statement will become history. The Consumer Financial Protection Bureau has replaced this form that dates back to 1964 with the new “Closing Disclosure” and the new law will impose strict deadlines for disclosure prior to closing. Moreover, lenders will be subject to strict fines for failure to comply in certain situations.
More information is available from the Consumer Financial Protection Bureau’s website – Know Before You Owe.
My office is ready for the change and will continue to represent mortgage lenders, and will have the ability to prepare the new Closing Disclosure.