New Mortgage Rules

New mortgage rules just rolled out Saturday and they’re expected to have sweeping changes on real estate closings. Starting on Oct. 3, the TILA-RESPA Integrated Disclosure rule went into effect, which will merge the HUD-1 Settlement Statement, the Good Faith Estimate, and the Truth-in-Lending disclosure form into two new closing forms: a Loan Estimate and a Closing Disclosure. You can expect about a week longer in closing now. So five weeks now instead of the previous four.