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"In November 2013, the Consumer Financial Protection Bureau (CFPB) integrated the Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA) disclosures and regulations. Any transaction involving a mortgage will use new CFPB disclosure forms. The new TRID rules and forms took effect on October 3, 2015." According to NAR-Read more from the National Association of REALTORS. 


Simply put, the National Consumer Finance Protection Bureau, a product of the Dodd Frank Bill, has instituted their most recent phase of regulations. All of these changes were a result of the 2008 recession.  This last phase places more responsibility on banks (or lenders) for the accuracy of the figures they provide buyers at the time of application.  If they make any adjustments, they must disclose the new amounts to the buyer and wait at least three days before scheduling another closing date. Lenders have been diligently putting together their policies. 


We are being told by most lenders that closings should not be scheduled out less than 60 days. Some of our lenders have stated that final closing numbers will have to be to lenders 2 weeks before the actual closing date to be verified and mailed to the buyers.  Your Jones Group REALTOR® has received extensive training in all of these policy changes, and will communicate with lenders and attorneys throughout the transaction to ensure a smooth closing process.


Attorneys will understand their new role as will your REALTOR®.  Your Jones Group REALTOR® is working to understand the regulations throughout this transitional process. We understand your agent's communication with the lender and attorneys will be paramount to a smooth transition for you. 


Your Jones Group REALTOR® will guide you through the process of selling or purchasing your Western Mass Real Estate property with the upmost integrity and professionalism.  


Legendary Service, Every Client Every Time.