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Welcome back, everyone. Today we are excited to be joined by Peter Weiss, from our preferred mortgage lender, Fareway Independent Mortgage. Today we are going to talk about the CFPB, or Consumer Financial Protection Bureau, and what changes are coming to it that could affect your next real estate transaction.
The CFPB is a governmental agency that was created out of the mortgage crisis in 2007-2008. The idea of the CFPB is to create a protection for the consumer, and they are making changes soon that will affect both buyers and sellers.
The idea behind the current change is to condense some of the disclosures that are currently sent out to the consumer. Instead of having to fill out all kinds of different disclosure forms, they are pulling all the disclosures together into one form.
With this new disclosure, once we get final approval, we send the disclosure out to the customer well before the closing date, so they have time to review it. We want to hit every closing right on time.
Additional changes are coming that could impact the timeline of a real estate transaction. These changes are coming October 3rd, so mark your calendars.
If you have any questions about the mortgage or finance world, let us know. We would love to answer them with Peter in an upcoming video. We look forward to hearing from you!
