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Which forms are in & out

on October 3, 2015?

Good Faith

Estimate

Early TILA

Form

New

Loan

Estimate

HUD-1

Settlement

Statement

Final TILA

Form

New

Closing

Disclosure

Out with the old

In with the new*

* As of October 3, 2015 for residential purchase and refinance transactions.

Changes to the Closing

Disclosure Timing

In addition to new forms for residential mortgage

transactions, the new regulations also require delivery

timetables for delivery to consumers, impacting when a

closing can take place and disbursements made. Below is a

preview of how the CFPB regulations will impact the closing

process for transactions that originate after October 3, 2015.

Wednesday

Monday

Tuesday

Thursday

Friday

Saturday

Sunday

1

2

3

4

5

6

7

8

9

10

11

12

13

14

Non-hand Delivery of Closing Disclosure

(i.e. mail)

Three-day delivery period

Delivery of Closing

Disclosure Occurs

Three-day waiting period

waiting cont.

Sunday not

counted

Three-day right of rescission

First day

signing / closing

may occur

(Applicable to most re nances)

First day

disbursement

may occur

on most

re nances

First day

disbursements may

occur for purchase

and some

re nances

Example Closing Calendar

45

WHAT IS CONSUMER FINANCIAL PROTECTION BUREAU? (CFPB)