The 34th Annual Business Meeting & Education Conference will be held in Denver, Colorado in May 2014.
What is AEA up to lately?....
The American Escrow Association (AEA) is the national association of real estate settlement agents. On the national level, AEA is proactive on behalf of professionals conducting all types of settlement practices throughout the United States. Our goals are to further the knowledge and professionalism of the settlement agent through education and to, also, educate and advise decision makers at the national level on issues of consequence to the settlement industry, as a whole.
Important Information To Know
CFPB Issues Final Rule
On November 20, 2013, the Consumer Financial Protection Bureau will release its new requirements for handling financial disclosures on loan closings. For the first time ever, a standard federal form will be required to show all costs of getting a home loan along with all costs of closing. The HUD-1 will disappear forever for a standard residential home purchase or refinance. However, there is no reason to panic immediately on the timetable to get used to the new rules. We must first see how the responsibilities are allocated in the technical rules to the lender and settlement agent. We must then review the technical rules to fully understand how to complete the new combined form and the extent of how it will be delivered.
Remember as you hear more starting November 20, 2013 that their initiative is called “Know Before You Owe” which means the entire thousands of pages coming out tomorrow are all about a borrower on their home purchase or refinance completely understanding the entire cost up front and for the life of the loan, of that loan, BEFORE signing a note and deed of trust or mortgage that legally commits and obligates the application of the proceeds and the duty of the borrower to repay it in full.
The Loan Estimate and the Closing Disclosure as finalized can be reviewed here.
Much more to come,
Jayne Paulsen, President