New rules in the mortgage industry take effect. These rules change the disclosures and estimates home buyers will get when shopping for a loan and prior to closing a loan. There is a new Loan Estimate (replacing the Good Faith Estimate) and a new Closing Disclosure. These rules start for all new loan applications made starting October 3, 2015.
To help REALTORS®, the Massachusetts Association of REALTORS® has prepared a new Integrated Disclosure Addendum to use with Purchase & Sales agreements and CCIAOR has produced a field guide to helpful tips to help you through the new rules.