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New Mortgage Disclosure Laws Affecting the Closing Process

Mortgage Disclosure Laws_John Welch Georgia Real Estate

If you are planning to buy real estate with financing after October 3, 2015, there are very important changes coming that could affect how quickly you can close with lender financing. It is referred to as TRID, which stands for TILA-RESPA* Integrated Disclosures. This material is intended to make rate and fee quotes easier to understand.

You will get a LOAN ESTIMATE disclosure before the lender can proceed to the next step (e.g. ordering the required appraisal). This must be given to you within three days of your application for the real estate loan. After that, the lender must have your INTENT TO PROCEED based on the loan terms.

If you are using regular mail, this could take 7 days on each step. It would speed up the process if you made sure your lender is set up to use electronic signatures. If you need a lender, our Keller Williams Alliance Partner, Kathy Vitali and her staff of Shelter Lending Services is ready to roll with esigs and is willing and able to help you through this process. She can be reached at 770-540-5566. Talk to her or the lender of your choice before you write an offer for real estate.

The second disclosure, the CLOSING DISCLOSURE, is similar to the Loan Estimate but with more detail showing who (buyer, seller, other) pays for what. This document must be provided to you at least three days before closing. Here again, electronic signatures will speed things up. Being prepared makes you a more attractive Georgia real estate buyer.

There is a well done detailed explanation at

*Which in turn stands for Truth In Lending Act – Real Estate Settlement Procedures Act [Don’t you just love these acronyms?].


  1. October 2, 2015    

    Both forms of loans are marketed for the same
    low-income consumers, and both could lure individuals
    in a routine expensive loans, of continual.

    • John Welch John Welch
      October 3, 2015    

      Hopefully the new procedures will make it easier for people to know what they are getting into. And they have three days to get advice if they need it.

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