Mortage Loan Documents To Change August 1st

 

On August 1, 2015, loan documents to homebuyers are going to be simpler and easier to understand. Two new forms, a Loan Estimate and a Closing Disclosure, will replace the HUD-1 Settlement Statement, the Good Faith Estimate, and the Truth-in-Lending disclosure form.

The purpose of the new forms is to simplify closing information and make it simpler for consumers to compare their estimated costs to final costs.

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