• First major change in 40 years to the way residential properties are closed.

    August 28, 2015 | Blog
  • A new regulation that takes effect on October 3 will significantly alter common residential real estate closings and the practice of real estate attorneys. The president of the Illinois Real Estate Lawyers Association (IRELA), Ralph Schumann, referred to the coming changes as a “dramatic sea change” and notes that there “hasn’t been anything this big in the past 40 years.” 
     
    The changes are being implemented by the federal Consumer Financial Protection Bureau (CFPB), which was created by the Dodd-Frank Act in the wake of the 2008 mortgage meltdown. The new program is commonly referred to as TRID – an acronym for TILA-RESPA Integrated Disclosure. The new rules will apply to transactions involving mortgage loan applications submitted on or after October 3, 2015.
     
    Link for the above new real estate change:
    Consumer Financial Protection Bureau (CFPB): TILA-RESPA Integrated Disclosure Rule Compliance Guide: