Wednesday, June 10, 2015

Things Homebuyers, Lenders, Realtors, Attorneys and Title Insurance Providers Need to Know About the Consumer Federal Protection Bureau Rule Changes

Ben Niernberg
CHICAGO, IL  – The impending rule changes by the Consumer Federal Protection Bureau (CFPB) will not only dramatically affect the way Americans buy and sell real estate, but also how lenders, realtors, attorneys and title professionals do business.

 Northbrook, Ill-based Proper Title, LLC, a full-service title insurance agency serving the residential and commercial real estate industries, breaks down what homebuyers and industry providers need to understand, and how to prepare for the changes taking effect on August 1, 2015. 

The CFPB rule changes will improve the content and delivery of information for consumers through the addition of online estimating tools, clearer language to describe associated fees, defined review periods, and a simplified number of documents needed for each transaction.

“The new rules apply to all purchases of residential property, including refinancing, purchasing vacant land, construction-only loans, and even timeshares,” said Ben Niernberg, executive vice president of business development and operations at Proper Title.  “Among the few exceptions are all-cash purchases, reverse mortgages and home equity lines of credit, so you can see, it still touches the majority of transactions.”

For a complete copy of the company’s news release, please contact:

Julie Liedtke,, (312) 267-4521.

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