Lathram Pou & Associates

4131 N. Central Expressway
Suite 450
Dallas, TX. 75204
214.520.9999

Real Estate Transaction Services

Cathy Miller Team

3360 Long Prairie Road
Suite 200
Flower Mound, TX. 75022
972.221.3521
11
Mar

What Is CFPB?

How Closing Timeframes will be Impacted by the CFPB

When the CFPB rules take effect in August 2015, the closing timeframes on purchases and refinances will be impacted. As part of the final rule creating the new Closing Disclosure and Loan Estimate forms, the CFPB determined that borrowers would be better served by having a short time to review the new Closing Disclosure prior to signing their loan documents. As a result, in its rule the CFPB mandated borrowers have three days after receipt of the Closing Disclosure to review the form and its contents.

However, note that the three-day review period starts upon “receipt” of the form by the borrower. Unless some positive confirmation of the receipt of the form (i.e., hand delivery), the form is “deemed received” three days after the delivery process is started (i.e. mailing). As a result, the combination of the “delivery time period” and the “review time period” results in six business days from mailing to loan signing.

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