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Changes Coming October 1 For Real Estate Purchases

cfpblogo-vertIn an attempt to better protect consumers from predatory lending practices, the Consumer Financial Protection Bureau (CFPB) has integrated the mortgage loan disclosures as required under the Dodd-Frank Act.  What this means to consumers is two new forms.  The Good Faith Estimate that discloses the costs of the loan at the beginning of the loan process becomes the Loan Estimate.  The HUD-1 that shows the actual charges due at Closing becomes the Closing Disclosure.

In addition to the new forms are a few new rules.  During the loan process, there are several things that may happen that will require the lender to update the Loan Estimate and notify the consumer.  Those triggers are changes in the charges. If there are negotiations during the inspection period and the seller gives the buyer a credit, it would be a trigger.  If one of the estimated charges was inaccurate initially when the correction happens, it is a trigger. Depending on the amount of the changes, the lender must send a new Loan Estimate to the consumer.  Lenders are only allowed a 10% increase between the charges disclosed on the most recent Loan Estimate and the actual charges on the Closing Disclosure.  If initial closing costs estimates are $3000, the 10% rule only allows a $300 increase.

No More Surprises!

This all sounds great.  Keep the consumer informed on the costs they will be paying at closing.  No surprises at the closing table!  Where these new rules may cause problems in our real estate transaction is the required delay between issuing a Loan Estimate and Closing.  The requirement to wait three days to close has been added. Probably not a big deal. However, if something goes wrong and last minute changes are necessary, that could delay Closing.  Both Buyer and Seller need to be on board in order to delay Closing.  If the Seller doesn’t agree, it could be disastrous for the Buyer.

Starting October 1

The new rules were supposed to start August 1st but was recently pushed back to October 1st.  That means the industry has a few more months to figure out how best to adjust to the new changes.

A Changing Industry

The Mountain Living Team knows it is important to stay on top of changes in our industry.  Educating ourselves and the consumers as well as adjusting our practices to better serve our clients is a high priority for us.  In response to the upcoming changes, we will be implementing new measures to ensure our Buyers are protected against any unexpected situations that could create a snag in the closing process and potentially put their earnest money at risk.

Posted in: Buyer Tips Tagged: Lender, Protect Yourself

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About Us

Mountain Living Real Estate, a.k.a. The Mountain Living Team, is a family owned, second generation, real estate company that has been helping buyers and sellers in Summit County since the early 90’s.  Mountain Living Real Estate is committed to going above and beyond to ensure their clients have the most amazing real estate experience possible.  Jason & Meredith take a personal approach to educate their clients, empowering them to make high quality decisions no matter the situation.  They take exceptional care throughout the sales process and beyond; striving to make each client’s path in Summit County one filled with fun, excitement & great memories.

Work with Mountain Living Real Estate and you’ll understand why so many people say, “We Love Mountain Living!”

Testimonials

View from Silverthorne

Professionally executed from start to finish

William from TX Mountain Living Real Estate November 25, 2020

Honest and realistic about pricing and negotiating. On the clients side for negotiations. Willing to go extra mile for anything we needed since we were out of state.

Kristin from VA Mountain Living Real Estate October 6, 2020

Thank you Jason and Meridith for all you did . We were very impressed from the start to the finish . Jason was very timely with his responses to any questions or concerns we had . His very calm and professional demeanor was most reassuring. The photos that Meridith took were professional grade . All Continue Reading

John from Idaho Springs, CO Mountain Living Real Estate October 2, 2020

Jason and Meredith exemplify what real estate agents should be.  We purchased two homes and sold one with them.  The attention to detail was outstanding.  It is rare in today’s world to find such a high level of customer service.   Jason and Meredith handle everything and go way above and beyond what other agents would do.  The online tools, calendar Continue Reading

Wendy from Pine, CO Mountain Living Real Estate September 14, 2020

La Riva del Lago

Thank you for going above and beyond to sell and help me close! You have been a great resource for us. We so appreciate it!

Sheila from KS Mountain Living Real Estate September 10, 2020

Most impressed with timeliness and response – working with us late in the evening. It was a pleasure. Appreciate the opportunity to work with you.

Kevin from Highlands Ranch Mountain Living Real Estate September 4, 2020

You did a wonderful job. You went up to the condo several times. Not only did you take pictures, but you set up the dining table, etc. for better showing. You came in for inspection follow up, etc. All much appreciated!! All the extra special touches and great communication from listing to closing meant a Continue Reading

Pat from Broomfield, CO Mountain Living Real Estate July 11, 2020

You went above and beyond our expectations to check out the Wetterhorn unit! You know what we like and saw the opportunity for us to purchase a unit we will enjoy!

Linda from Texas Mountain Living Real Estate June 30, 2020

Buffalo Ridge Condo

We were most impressed with the willingness to get the job done under difficult situations.

John from Manitou Springs, CO Mountain Living Real Estate April 13, 2020

January Sales get a Thumbs Up

Good communication and quick response. Knowledge of area and market. Pleasant attitude through it all.

Stacey from Texas Mountain Living Real Estate March 1, 2020

Contact Us


Jason and Meredith Adams

Jason & Meredith Adams
Mountain Living Real Estate

101 Main St, #109, PO Box 4115 Frisco, CO 80443

(888) 666-0844
team@mountain-living.com
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