First things first: two forms instead of four. The old Good Faith Estimate, HUD-1 Settlement Statement, and two Truth-in-Lending disclosures are being replaced by a Loan Estimate and a Closing Disclosure, effective October 3rd. Even better, the forms are both standard, and part of every mortgage transaction, so it becomes much easier to compare apples to apples. U.S. News & World Report goes into a lot more detail including impacts on the industry, potential effects on closing time, and some things that you’ll get to see for the first time ever.
Theresa Springer’s Blog
Closing Procedures About to Get Easier, Safer
July 30, 2015