In the ever changing world of Real Estate major changes in the Loan disclosure are coming as of August 1,2015. Things like the Good Faith Estimate, the TIL and the HUD 1 are all going away. To be replaces by the Loan Estimate and the Closing Disclosure. The forms them self's are straight forward and are mean to make it easier for consumers to understand. The Loan Estimate is the first form that a Buyer will get and should have it within 3 days of getting their Loan Officer their basic information along with a address and a price of the home the want to buy. So you can see it replaces the Good Faith Estimate and initial TIL. After the loan office gets the Loan Estimate out to the Buyer they process the loan toward closing like we are use to. So now 3 days before closing the Loan Officer has to get to the Buyer the Closing Disclosure, this form has all the information that the old HUD 1 had on it and then some. So now the Buyer has 3 days to go over the numbers and make sure they are alright with everything. The first possible problem here is they have all this information, but they don't have an Attorney sitting at the table with them to explain everything they are looking at the buyer has to call the Loan Officer, the Agent, or the Attorney with questions. Hopefully the Loan Officer or the Attorney that sent it to the Buyer will call them right away. I guess we will find out who are the good one and who aren't. SO the closing it's self should be easy and quick because all the fussing should have been done a couple of days earlier. One thing that we can't do any more is back to back closings they will have be at least 3 days apart if money from the first closing ins needed for the second one. As we learn more we'll post it here. If you have questions call or email us.