August of this year will carry with it some changes of incredible magnitude in our industry. The entire process of disclosing estimates to borrowers, as well as closing a loan, will be changing. Hopefully these changes will result in immediate benefit to the borrower, which is the goal of the CFPB and (hopefully) of every lender. However, as Jim Cutilo mentions in this article, that doesn’t mean there won’t be growing pains along the way, felt by everyone involved.
Also mentioned by Mr. Cutilo, is the fact that the title industry will probably feel the biggest impact, and I would add that in many cases title companies will also be playing a pivotal role in partnering with their lender clients for the successful delivery of the new disclosures (here and here). If you’re a lender, you have to ask yourself: who are our title partners and are they willing/able to walk with us through this change?
Avenue 365 is in constant discussion with its clients, making sure we’re custom-fitting ourselves to their needs when it comes to the changes coming our way in August. We’d love to do the same for you.