There are a lot of new regulations and guidelines being rolled out this year by the federal government that will affect buyers, lenders, mortgage service providers and anyone involved with residential closing in New Jersey. If you’re a lender, real estate professional or planning on purchasing a home this year, you’ll need a Closing Partner that will help you stay ahead of new developments in home loan regulations.
Anyone who has been a part of a residential closing recently undoubtedly understands the inefficiencies and frustrations that come with the closing process. Buyers are required to provide a multitude of forms and documentation to different parties and deals are not being closed until the last minute. It’s an outdated process that causes duplicated efforts and puts the system at risk for fraud.
Helping streamline the home buying process, the Consumer Financial Protection Bureau (CFPB) is implementing an Integrated Mortgage Disclosure Rule on August 1, 2015 that will introduce a new Closing Disclosure Form as well as mandated delivery times. The new rules are intended to simplify closing forms, making it easier for borrowers to understand the terms of their loans.
Staying ahead of the curve, Two River Title Company has been working to implement this rule, taking preliminary action by pre-registering with Closing Insight, a web-based technology that delivers the largest, fully interconnected network of lenders and service providers in the U.S.
Below are some benefits of Closing Insight:
- Provides robust integrations with major title and settlement software platforms
- Allows for a streamlined closing process and more lender collaboration
- Reduces the duplication of efforts and an easier disclosure approval process
- Supports Compliance Efforts with CFPB new regulations
- Reduces the manual process of the closing
- Provides more accurate and less complicated loan information while improving the experience of the buyer and cutting down on the inefficiencies of the process
Make sure that you choose a Closing Partner that strives to take the stress out of closings by providing simple and straightforward language, maintains compliance with the CFPB’s new regulations and guidelines and provides prompt service and title problem solutions quickly and efficiently.