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Picture of a Closing Disclosure Forms

Bank of America Announced Plans for Closing Disclosure Forms

27 Mar 2015

This past weekend, clocks were advanced by one hour, indicating that spring is around the corner. Likewise, a change in Bank of America Closing Disclosure forms is also around the corner. The relevant changes will take effect Aug. 1, 2015. In light of the prospective changes, Bank of America recently announced:

 

“[As] Bank of America continues to prepare for the Aug. 1, 2015 implementation of the Consumer Financial Protection Bureau’s (CFPB) Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z). With less than a year before the implementation date, we have begun sharing information with the real estate community.

 

Most recently, we communicated to settlement agents across the country that Bank of America will use Closing Insight, an industry tool developed by RealEC Technologies, to implement the CFPB’s Integrated Mortgage Disclosures rule. Closing Insight will be used to manage communications between the bank and settlement agents, but it’s important for real estate professionals to understand the process and what will change.

 

What is changing for the settlement agents you work with?

 

•    All documents, data and information exchanged between settlement agents and Bank of America will go through Closing Insight. Email, fax, and other document delivery methods will no longer be used to transfer documents to ensure that non-public, personal information is always protected.

 

Who will prepare and deliver the Closing Disclosure?

 

•    After working with the settlement agent to finalize and confirm all fees, Bank of America will generate the buyer/borrower Closing Disclosure and take responsibility for delivering it to ensure receipt three business days prior to loan closing. For purchase transactions, settlement agents will continue to deliver the seller’s Closing Disclosure.”

 

This important information will prepare you and your clients for the upcoming changes. As Florida’s premier Title Insurance and real estate closing service provider, we want you to know that Marina Title is prepared for changes. Contact us today to learn more about our services and compliancy.

 

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