Will The New CFPB Rule Delay My Closing?

CFPB Rules Image

According to the Consumer Financial Protection Bureau, the answer is NO for just about everybody.

For mortgage applications submitted on or after August 1, 2015, lenders must give you new, easier-to-use disclosures about your loan three business days before closing.  This gives you time to review the terms of the deal before you get to the closing table.

Many things can change in the days leading up to closing.  Most changes will not require your lender to give you three more business days to review the new terms before closing.  The new rule allows for ordinary changes that do not alter the basic terms of the deal.

Check out Ticor’s latest flyer on CFPB changes here! And keep following us for the most up-to-date information on the new rules.

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