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Real Estate Specialists prepare for sweeping changes

Real Estate Specialists prepare for sweeping changes

You may find mortgages to be challenging and confusing.  Sweeping regulatory changes in the mortgage industry are being implemented on October 3, 2015, to provide you a better understanding of the mortgage process.  These changes will affect all aspects of the mortgage process including lenders, realtors and title agents.

To better equip the mortgage professionals in our area, Quality Title and Heritage Bank teamed up to provide an educational luncheon for mortgage lenders, realtors and title companies on Wednesday, Sept. 16 at MinnWest Technology Campus in Willmar.  The focus of the training was to better understand the regulatory and form changes affecting the mortgage industry with the newly integrated TRID disclosure.

The Consumer Financial Protection Bureau (CFPB) rule changes have consolidated some required loan disclosures by combining the Truth In Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) to form the TILA-RESPA Integrated Disclosure (TRID).  This new rule also changes the timing of some activities in the mortgage process. Learn more from the CFPB Know Before You Owe initiative https://www.youtube.com/watch?v=AwZERLDHJf0#t=66

“This was a great open forum with the realtors and title companies in the area,” Jeff Asche, Heritage Bank Mortgage Loan Originator, NMLS #479517, said. “As an industry, everyone involved in the mortgage process has to be aware how the revised regulations affect all angles so we can better help the consumer navigate through to the closing.”

The experienced mortgage lenders at Heritage Bank are well positioned to adopt these changes and have a full team in place to help you through each step of the mortgage process.  Contact our Heritage Bank Mortgage professionals for more information.

Download a step-by-step toolkit to home ownership: http://files.consumerfinance.gov/f/201503_cfpb_your-home-loan-toolkit-web.pdf

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