Closing Documents

News & Analysis as of

Mainebiz Real Estate Insider – Lender Liability in Real Estate Closings; Know Your Closer Well

The general phrase “lender liability” usually refers to cases where a lender does not live up to its own loan agreement, or where a loan officer promises more than the loan documents provide, or where the lender sells...more

The Top Ten Points To Watch For In Commercial Real Estate Contracts Point #4 - “What’s the Purchase Price and How Is It Paid?”

Almost as important as “when do we close?” in a commercial real estate transaction is the question “how much will I be paid and how?” Answering that question requires that the purchase price and terms of payment be clear....more

Can an OVDP Participant Set Aside a Closing Agreement on the Theory of Duress?

It has been just over five years since the Internal Revenue Service (“IRS”) offered the first of three offshore voluntary disclosure programs for individuals with undisclosed foreign financial accounts. Since the announcement...more

Are eClosings for Residential Loans the Future?

Noting that the residential mortgage origination process is often "fraught with anxiety" for consumers, CFPB Director Richard Cordray announced an upcoming pilot project that would assess how electronic closings could...more

CFPB Launches Pilot Program for Electronic Mortgage Closing Process

In conjunction with its field hearing on “key consumer ‘pain points’” the CFPB announced the release of a report that discusses consumer and lender frustrations with the current state of the residential real estate closing...more

CFPB Issues Electronic-Closing Pilot Guidelines and Seeks to Use Technology to Improve Mortgage Closing Experience

The Consumer Financial Protection Bureau (CFPB) recently announced that it is launching an electronic-closing (e-Closing) Pilot program designed to address some of the most common concerns relating to the mortgage closing...more

CFPB to Hold Field Hearing on Mortgage Closing Process

The CFPB, in alignment with its continuing focus on the mortgage closing process, announced that it will hold a field hearing in Washington, D.C. on April 23, 2014, on this subject....more

CFPB seeking information on mortgage closing process

According to the notice, because the CFPB wants “to encourage the development of a more streamlined, efficient, and educational closing process as the mortgage industry increases its usage of technology, electronic...more

The Wait is Over. The Anxiety Begins. The CFPB Issues its Final Rule to Combine RESPA and TILA Mortgage Disclosures

Well, the wait is over. After 16 months and much anticipation, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) released a 1,888-page final rule on November 20, 2013 to combine mortgage disclosures required...more

CFPB Implements New Mortgage Disclosure Rules and Forms

The CFPB issued its "Know Before You Owe" rule on November 20, 2013. The center pieces of the rule are the Loan Estimate form, which replaces the early Truth in Lending statement; and the Good Faith Estimate and the Closing...more

CFPB Unveils New Integrated Disclosures Under RESPA and TILA

Today, in a broadcast streamed live on the internet, the CFPB unveiled the long awaited final rule that contains the Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act (“RESPA”), Regulation X, and...more

In-House Loan Modifications In South Carolina Are Not The Unauthorized Practice of Law

?The South Carolina Supreme Court recently issued two opinions concerning the unauthorized practice of law in real estate transactions. Under earlier Supreme Court cases, five aspects of a real estate loan or mortgage...more

Highlights Of HUD’s New Section 232 LEAN Closing Documents, April 9, 2013

On September 7, 2012, the Federal Housing Administration (FHA) published in the Federal Register new regulations for the Section 232 Healthcare Facility Insurance Program, which became effective as of October 9, 2012. In...more

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