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| 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, jliedtke@taylorjohnson.com,
(312) 267-4521.
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