Closing time: Are you prepared for the TILA-RESPA Integrated Disclosure Rule on October 3rd 2015?

So you have a contract on a new real estate property and if you are borrowing money, here are the following important impacts to closing:

The borrower must receive the Closing Disclosure three (3) business days prior to closing. It is considered to have been received three (3) business days after placing in the mail. Therefore, generally the lender will need to mail the initial closing disclosure at least six (6) business days prior to consummation. This change, while beneficial to the borrower, does put emphasis on timeline targets.

Short timeline closings will require urgent attention by all parties. Borrower, realtors, title/settlement agents, etc. will need to provide required information in a timely and urgent manner to ensure the closing occurs on the expected date.

It may be advisable to have two walk-throughs, with the first walk-through before the lender sends the initial Closing Disclosure.

Real Estate Agents can help speed the closing process by providing the lender with the following pieces of information which are needed to prepare the disclosures.

While we will continue to keep you informed of ongoing updates on this very important change, we encourage you to visit the Consumer Financial Protection Bureau (CFPB) website for additional information and to answer any outstanding questions: http://www.consumerfinance.gov/regulatory-implementation/tila-respa/.