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New Lender Disclosure Documents Beginning October 2015

You normally get various disclosure forms when trying ot obtain a mortgage. It can be confusing. Each of these was produced by different legislation over time. In many cases, they provide overlapping facts, making the documentation even more confusing to look through. The new lender disclosure documents beginning October 2015 will simplify the documentation provided to home buyers.

The New Loan Estimate Disclosure

Figures from the Truth-in-Lending (TIL) and Good Faith Estimate (GFE) will be included in a new loan estimate form. This disclosure will provide details on the terms of their loan, fees charged, projected loan payments, and other important facts. This can be helpful when comparing various mortgage options either from a single mortgage company or from different ones. Mortgage companies will generate this disclosure within 3 business days of a mortgage application.

The New Closing Disclosure Form

The closing disclosure form outlines the specific fees charged with the mortgage. It will combine figures normally included in the Truth-in-Lending disclosure and settlement form. There are ordinarily various fees. To simplify it, fees are lumped into a few categories such as origination charges, recording fees, and pre-paid expenses. This form comes later in the transaction,… no later than 3 business days prior to settlement.

New Lender Disclosure Documents Beginning October 2015

The revised disclosures will be launched October 3, 2015 (extended from the original August start date). If you apply for a mortgage on or after that date, you will receive them. This change does not apply to reverse mortgages or equity lines. No matter which forms you get, you should always speak with your loan officer if you have difficulty understanding the figures that apply to your mortgage. The information on the new lender disclosure documents beginning October 2015 in this blog is shared only as a brief summary and does not cover every aspect of the upcoming implementation.

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Attorney John J. Martino offers a broad range of legal services in Eastern MA and Southern NH. As a highly dedicated and experienced professional, he handles cases under the following areas of practice:

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