North Carolina’s senators and representatives have signed a letter at the urging of Realtors asking that the Consumer Financial Protection Bureau implement a grace period for changes to the Real Estate Settlement Procedures Act and the Truth in Lending Act.
Realtors asked delegates earlier this month to support the grace period for the changes set to go into effect Aug. 1. Every state delegate has signed the letter, according to the Real Estate and Building Industry Coalition.
The HUD-1 settlement statement, the good-faith estimate form and the Truth in Lending Act disclosure will be replaced by a new closing disclosure and a single loan estimate. There will also be changes to the closing process, including a new rule that will require everything to be in place three days prior to closing.
REBIC believes the grace period will give the industry a chance to transition into the changes and give Realtors a chance to submit feedback to the Consumer Financial Protection Bureau.