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Consumer Financial Protection Bureau Reforms on the Way

Posted By Wally Reule @ Jun 16th 2015 3:06pm In: Miscellaneous

A couple of months ago I reported that when the new disclosure forms from the Consumer Financial Protection Bureau take effect on August 1, we can expect it to take much longer to close a real estate transaction when a mortgage is involved. We are now hearing that we should expect it to take 60 days. Most of that is because it gives the borrower not only time to understand all of the costs, but also more time to shop it around. This change shouldn't affect cash deals. I will be taking a workshop on this on June 24, and will explain it in greater detail then

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