Changes to the Good Faith Estimate and HUD-1 forms and closings processes are coming soon.


The changes will be effective for transactions where a loan application is taken by a lender on or after August 1, 2015.


The Consumer Financial Protection Bureau (CFPB), an entity created by the Dodd-Frank Act, issued a new TILA final regulation that, among other things, created two new forms (each with many variations) and new 3 business day delivery requirements.

  • Loan Estimate – 3 business days after application
  • Closing Disclosure – 3 business days before Consummation


Loan Estimate – Lender or Mortgage Lender

Closing Disclosure – Lender or Settlement Agent (Escrow), Lender may delegate responsibility to the Settlement Agent (Escrow).


  • Closings may take longer because of the 3 business day review periods.
  • You’ll be seeing different forms for most transactions.
  • Your contact information and license number must appear on the Closing Disclosure form. (see page 5 of the Closing Disclosure Form)
  • Your clients may receive multiple Loan Estimates due to:
    “Changed circumstances” – certain defined circumstances that cause the estimated charges to increase by more than the variance allowed under the Final Rule;
    Multiple applications with different lenders;
    or Multiple applications for different loan products with the same lender.
  • Your clients may receive multiple Closing Disclosures:
    Some with a 3 day business day waiting period and some without; and
    Some before closing and some after.
  • Buyers loan policy will show full loan policy amount
  • Simultaneous discount rates need to be negotiated.
  • Last minute changes will impact Closing Disclosure delivery time.
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