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October 3rd 2015 trade becomes mandatory and changes the real estate closing process as we know it so what should buyers also known as borrowers that fall within tread expect when buying a home all borrowers that fall within tread guidelines will receive the Le the loan ethis form outlines the estimation of fees for closing lenders are required to give accurate fees and this form must be provided to borrowers within three days of applying for a loan for closing borrowers receive the CD the closing disclosure the closing disclosure must be provided to borrowers at least 3 business days before closing and yes Saturdays are considered business days failure to deliver the CD at least 3 business days before closing will result in a delay of closing so why the new forms pre trib buyers would meet with a lender to apply for a loan the lender would ask so if you had your dream job how much would you make or mr. and mrs. borrower just breathe into this mere for me have you seen the movie The Big Short now to be fair not all lenders were doing shady deals there were and still are plenty of great mortgage providers to work with but that is a conversation for another day out of the 2008 mortgage crisis the President signed the dodd-frank act into federal law on July 21st 2010 and on July 21st 2011 the CFPB was formed the Consumer Financial Protection Bureau the CFPB is an independent agency of the United States government responsible for consumer protection in the financial sector the bureau is charged with enforcing the laws within the mortgage industry consumers who feel they have been mistreated can voice their complaints directly to the CFPB the CFPB can find violators up to 1 million dollars per day per violation so we have talked about the forms and the how and why the CFPB was created but what does the closing process look like for borrowers that fall under trip most of the changes have to do with mortgage lenders when borrowers work with lenders there are a lot of forms to sign no more forms than that getting close there we go how about with attorneys at closing you see previously the buyers and the sellers would meet at the attorney's office at the same time to sign documents now while the seller signed documents the buyers can still be in the room but when the borrower's sign the sellers can't be in the room the reason is because the seller cannot see the private loan information on the buyers closing disclosure remember the CFPB is called the Consumer Financial Protection Bureau the buyer is the consumer so most of the rules are aimed at protecting the buyer you might be thinking well are all buyers subject to trade great question the answer is no here are the types of borrowers that are not subject to trade borrowers seeking