Page 28 - Leisure Living Magazine July 2017

Know Before You Owe
Continued from page 27
tion fee, the appraisal fee, the credit report fee, or fees for other services you cannot shop for.
Q: What fees and charges can change?
A: Charges for escrows of real estate taxes and insurance, credits from the seller, and addi- tional items discovered during a property walk- through can change as long as you receive an updated Closing Disclosure before closing. The creditor must provide new disclosures and start the service time over if there are any increases to APR (annual percentage rate), the loan product changes, or a prepayment penalty is added.
Q: Will the new disclosures delay my clos- ing?
A: It is still too early to tell. For now, most creditors recommend that purchase contracts allow approximately 45 to 60 days between loan application and closing so that creditors can com- ply with the new law.
Q: Can I waive the Closing Disclosure requirement and speed up the process?
A: Yes, if there is a real emergency. Creditors cannot let you waive the Closing Disclosure
requirement unless you meet very specific condi- tions.
Q: Can the seller and my Realtor see my Closing Disclosure?
A: No. The Closing Disclosure contains confidential personal and non-public informa- tion about you and your loan terms. Most clos- ing agents use a supplemental closing form (the ALTA Closing Statement, which contains all the charges and fees from your official Closing Disclosure, but omits all confidential information about you and your loan terms).
Q: What if something changes after clos- ing?
A: The creditor must give you a correct- ed Closing Disclosure if the original Closing Disclosure becomes inaccurate because of a change to an amount you paid, or if a clerical error is discovered. The creditor has 60 days to issue an amended Closing Disclosure and refund any overcharged fees.
Q: Do the new integrated mortgage disclo- sures apply to all loans?
A: No. Creditors must use the new inte- grated mortgage disclosures for most loans used to purchase or refinance residential real estate that will be used as the consumer’s primary res- idence. The new disclosures are not required for home equity loans, reverse mortgage loans or loans secured by mobile homes or dwellings not attached to real estate.
This “Law You Can Use” consumer legal information col- umn was provided by the Ohio State Bar Association. It was prepared by Charles A. Brigham III, an attorney with the law firm of Brigham & Brigham Co. L.P.A. and an Ohio licensed title agent with Buckeye Land Title Company in Cincinnati. Articles appearing in this column are intended to provide broad, general information about the law. Before applying this information to a specific legal problem, readers are urged to seek advice from an attorney.
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