Victoria and Brian Vaillancourt 208.661.9238
Starting October 1, 2015
"Know Before You Owe" is the moniker given to new lending documentation requirements coming Oct. 3. The Consumer Financial Protection Bureau created by the Dodd Frank Act has re-designed the process for informing consumers of the financial obligations and fees related to a mortgage. The Bureau has incorporated requirements under the current Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). In an effort to make closing documents easier to understand the CFPB has combined forms required under both acts. The new forms will be required for banks and title companies alike and should make it easier for borrowers to know exactly what they are paying for when borrowing money. Though there are may changes required by these regulations the one that consumers will notice most is the Loan Cost Estimate. This document needs to be issued before a loan application is completed and will address all costs associated with the anticipated loan. It is recommended buyer get several estimates. These estimates are only good for 10 days so time is of the essence when making your decision about where to apply for the loan. The documents you will see at closing will look just like the documents in your estimates and are intended to be much easier to understand than existing settlement statements. Realtors and consumers can see the forms and learn about the process at www.consumerfinance.gov
Most home buyers will need to obtain a Mortgage to finance the purchase of their new home. It is very important that when a buyer starts the mortgage process they work with a Mortgage Loan Officer that will assist them in obtaining the right loan for their needs and work hard for them to close the loan to meet the buyer’s requirements.
Confidence in a lender is very important. This confidence is based on trust and proven results. We are pleased to recommend the following lenders who have demonstrated consistent and rapid results for our customers.
Jolene Sigmond101 Ironwood Dr. Suite 148
Coeur d’Alene, ID 83814
Willamette Valley Bank
704 E Sherman Ave
Coeur d’Alene, ID 83814
Veterans United Home Loans
to speak with a Home Loan Specialist today
405 N 2nd Ave.
Sandpoint, ID 83864
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