For years beyond reckoning, it seemed like title companies and lenders would always put off preparing for closing until the last possible minute, making it common for buyers and sellers to see their closing HUD and paperwork for the first time the day of closing. Compounding the problem, few agents ever insisted on their customers seeing their closing HUD before the day of closing. That's why I have always insisted on all of my clients getting this vital information ahead of time, and have even delayed closings when my customers failed to get their HUD and other closing documents in advance. Thankfully, the law now states that every customer will receive their final HUD paperwork three business days or more before final closing. I strongly feel that this is a benefit to the customers that has been long overdue.
What just changed
The Consumer Financial Protection Bureau (CFPB) has now implemented the new TILA-RESPA Integrated Disclosure (TRID), which consists of two forms: the Closing Disclosure form and the Loan Estimate form.
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