In October of 2015, the entire process governing how real estate buyers interact with their lenders will change. The Consumer Financial Protection Bureau (CFPB) enactments regarding how loans for residential purchases will take effect, with the goal of providing buyers with more information and choice in the home buying process.
Will it actually accomplish this goal? Right now, this is a big question. While many consumer advocates laud these changes as a step forward in making a mysterious process more clear to the average homebuyer, many lenders fear that their compliance costs will rise, making the cost of a home loan more expensive for the buyer.
If you are contemplating a home purchase that will close after October 1, 2015, it pays to speak to an attorney who has studied these changes and who can advise you as to how it will affect you.
Right now, the process is still under review and several pieces of it are still “under construction” but a good attorney can help you navigate these changes and help you get into your new home!