Here is a list of the new guidelines beginning in September 2015. Be aware that these changes will create delays. Closings will and can take longer than the usually anticipated 30-45 days from the accepted offer date.
CFPB GUIDELINES & DEADLINES
New 1. A new closing statement form called the CLOSING DISCLOSURE or CD will be used for most new mortgages, effective on October 3, 2015. The lender, not the closing agent, will be responsible for preparing and delivering the CD.
2. The CD must be delivered to the buyer/consumer at least three business days prior to the scheduled closing date.
3. Closing agents must provide all charges to the lender, including buyer paid charges, approximately 10 to 14 days prior to the closing date for the completion of the CD to meet the delivery requirement.
4. Real estate agents are required to provide both their broker's and their individual license numbers
5. The CD sent to the buyer/consumer will not include the "seller's side" of the transaction. The closing agent will prepare a separate SELLERS DISCLOSURE STATEMENT for the seller.
6. Closing agents will not be permitted to send a copy of the CD to real estate agents because it contains buyer/consumer's NON-PUBLIC INFORMATION (NPI).
7. Changes to the CD after delivery to the buyer/consumer will trigger a new three-day waiting period IF changes cause the Annual Percentage Rate to be inaccurate, the buyer changes the loan product or a prepayment penalty is added.
8. The CD refers to Owner's Title Insurance as "optional", however, if the buyer/consumer does not purchase a policy, they will not be covered for any claims.
9. Be sure to emphasize to the buyers/consumers that they need to respond immediately to lender requests for information and remind your sellers that they must follow the contract to the letter because not doing so can delay the closing.
10. Given all of the new requirements, you should discuss with your closing agent a realistic timeline for closing under all of the new rules.