By LaTasha Rowe

Mar 30, 2015

NFM will be ready for August 1st

On August 1, 2015, the mortgage industry will introduce two new loan disclosures. The Loan Estimate and the Closing Disclosure will be utilized on most applications taken after the effective date. These changes will be implemented by the Consumer Financial Protection Bureau (CFPB) under the CFPB’s rule making authority pursuant to the Dodd Frank Wall Street Reform and Consumer Protection Act.

What do the changes mean?

Good Bye to the 2010 Disclosures

The Good Faith Estimate (GFE) and the Truth in Lending (TIL) disclosures will now be combined into the Loan Estimate for most transactions. Certain loans such as HELOC’s and reverse mortgage will still utilize the current disclosures. In addition the Closing Disclosure will replace the HUD-1, GFE, and TIL disclosures provided at settlement and must be delivered to the consumer three (3) business days prior to consummation.

The 1,888 pages of regulation that mandates the new disclosures and delivery requirements will not only impact lenders, but also other industry professionals. Because the rule expressly holds lenders liable for the accuracy and delivery of the Closing Disclosure, settlement agents companies and realtors must work closely to deliver all of the information necessary to ensure settlement is not delayed as a result of the three (3) business day delivery requirement.

NFM Lending is preparing for these changes and is constantly training our loan originators, realtors, settlement agents, and other industry partners to be up to date on this important industry change.

To view the new disclosures, visit the CFPB’s website at:

If you have any questions about NFM’s loan programs, please click here to contact one of our licensed loan originators.

These blogs are for informational purposes only. Make sure you understand the features associated with the loan program you choose, and that it meets your unique financial needs. Subject to Debt-to-Income and Underwriting requirements. This is not a credit decision or a commitment to lend. Eligibility is subject to completion of an application and verification of home ownership, occupancy, title, income, employment, credit, home value, collateral, and underwriting requirements. Not all programs are available in all areas. Offers may vary and are subject to change at any time without notice. Should you have any questions about the information provided, please contact us.