Yesterday, Frank Garay and Brian Stevens over at the National Real Estate Post focused their show on the CFPB’s proposed Closing Disclosure; specifically the upcoming requirement to disclose it three business days before closing – and then RE-disclose and wait another three business days if there are changes exceeding $100. As we discussed in the CE classes at Real Estate Institute last year, there are A LOT of unintended consequences with this part of the proposed rule that would have a negative effect on consumers. It seems that a movement to change the requirement may be gaining some momentum in Washington. Just thought you might want to know – I’ll keep you posted with any updates as they happen. In the meantime…
P.S. For those of you who may not know what we’re talking about, I wrote an overview blog post on the proposed rule last year. You can find that blog by clicking here.
To view Frank and Brian’s show “Reps Call out CFPB,” click here.