Closing on your new home is an exciting time — but it also can be an overwhelming process. Home buyers are usually required to sign a seemingly endless pile of documents, most of which are written in terminology that can be difficult to understand. Fortunately, the process is about to get easier. Under new rules required by the Consumer Financial Protection Bureau, four closing documents will be merged into two new documents: the Loan Estimate and the Closing Disclosure form. The design of the forms and their terminology will be more consumer-friendly to help home owners better understand this complex process. The existing Good Faith Estimate and Truth in Lending disclosures will be eliminated and combined into a single Loan Estimate form. The Loan Estimate must be delivered to the buyer no later than three business days after receiving the application. In addition, the final Truth in Lending Disclosure and HUD-1 Settlement Statement are being replaced by the Closing Disclosur...
The Arkansas Home Builders Association is a partnership of professional builders and related industries benefiting our members, the buying public and communities through education, legislative initiative and regulatory compliance to build quality, energy efficient and affordable housing for the families of Arkansas.