October 3rd, 2015 marks the day when the mandatory trade begins, bringing significant changes to the real estate closing process. It is important for buyers, also known as borrowers, falling within trade guidelines to understand what to expect when purchasing a home. All borrowers falling under trade guidelines will receive the Loan Estimate (LE). This form provides an estimation of the fees involved in the closing process, and lenders are required to provide accurate fees within three days of loan application. In addition to the LE, borrowers will also receive the Closing Disclosure (CD) at least three business days before the closing. It is crucial for lenders to deliver the CD within this timeframe; otherwise, there will be a delay in the closing process. Before the implementation of trade, buyers would meet with a lender and undergo a loan application process. The lender would gather information on the borrower's income, and sometimes even ask unrelated questions, such as salary expectations if they had their dream job or asking them to blow into a breathalyzer. While not all lenders engaged in questionable practices, the 2008 mortgage crisis prompted the signing of the Dodd-Frank Act by the President on July 21st, 2010, which led to the establishment of the Consumer Financial Protection Bureau (CFPB) on the same date in 2011. CFPB is an independent agency responsible for consumer protection within the financial sector. It enforces laws and regulations in the mortgage industry and allows consumers to voice their complaints if they feel mistreated. Violators of these laws can face fines of up to 1 million dollars per day per violation. Now let's dive into the closing process for borrowers falling under trade guidelines. The process mainly affects mortgage lenders, with various forms that require signatures. At closing, buyers and sellers used to meet at the attorney's office...
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