According to Realtor.com, many real estate professionals have voiced their concern that the new, simpler mortgage disclosure form, which would go into effect Aug. 1, could delay closings.
Under the Dodd-Frank Act of 2010, the Consumer Financial Protection Bureau reformed the disclosure forms so that borrowers can shop around for other loans and compare.
This document must be received by the borrower within three days of the application, which is the step that raised concern about closure delays among several industry professionals.
