Yesterday I attended a live training presentation on the new TILA/RESPA regulatory changes that will be taking effect August 1st, 2015. Although these changes affect only three mortgage process and closing regulatory forms, the impact on your real estate business is substantial. These changes are necessary and definitely a step in the right direction. The result of these changes will be an informed mortgage borrower. Unfortunately, the regulatory paperwork and newly required disclosure periods may mean a longer escrow. This blog is the first of several that I will be writing on this subject over the next couple of weeks. Included in this blog is a link to the NAR Video – a five minute presentation by Ken Trepeta with NAR Government Affairs division. On this video, Ken perceives that the biggest impact of these new regulatory changes to NAR members will be changes to the closing process. Ken recommends to NAR members that transactions after August 1st, 2015 should consider adding fifteen days to the closing process.
My goal is to keep you informed of these new regulatory changes early so clients will be prepared and the impact mitigated.