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Truth in Lending RESPA changes August 1, 2015

Per Inman Reports article by Bernice Ross (attached), the landscape of doing Real Estate transactions changes again on August 1, 2015! The Buyers ability to produce accurate financial records and the Lenders ability to communicate this in a timely manner will make this a non-issue for most, but it makes the tolerance for error to become very narrow. Surround yourself with the best people to keep your transactions on track!

Without doubt this will cause some short term chaos that Buyers and Sellers will need to be ready and sympathetic to. Agents understanding of the milestones will be more critical and the time under contract will overall increase.

TILA-RESPA_August 1 2015

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