HOUSINGNEWSREPORT Named the Nation’s Best Newsletter in 2015 by the National Association of Real Estate Editors
NEW TRID MORTGAGE DISCLOSURES TAKE EFFECT By Octavio Nuiry, Managing Editor
On Oct. 3, new mortgage disclosure forms were rolled out. In the future borrowers will receive two new disclosures: the Loan Estimate, outlining the terms and projected closing costs, and the Closing Disclosure, received at least three business days prior to the loan closing. The Consumer Financial Protection Bureau (CFPB), the powerful federal regulatory agency, created the new disclosure forms to make the loan process easier for borrowers to understand. But for the lending industry, and all the other parties involved in a real estate transaction, gearing up for the switch
has been a monumental undertaking. Huge Paradigm Shift “This is the largest paradigm shift that Realtors will see in their careers,” said Bill Burding, executive vice president and general counsel at Orange Coast Title Company in Santa Ana, California. “The Dodd-Frank Act is the largest bill of its kind in our lifetime since RESPA was passed in 1974. We are going to be working in a whole new paradigm. We are going to be working with new words. We’re going to be using words that six months ago you never heard before. It’s a huge paradigm shift. This is here to stay. It’s the last major sea change in our careers.”
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October 2015 Volume 9 • Issue 10
CONTENTS 7 My Take: Patrick F.
Stone, WFG National Title Insurance Company
9 News Briefs 10 Legal Briefs 11 Financial Briefs 12 Local Spotlight: San Diego
21 Book Review:
“Shaky Ground,” By Bethany McLean
23 Letter to the Editor: