Closing Disclosure Updates and Important Real Estate News

Dear Fund Member:

March has arrived, and with the start of a new month, it is important for me to share several areas of interest that will affect the way you handle your real estate transactions.

First, Chase Mortgage has officially stated that it will “generate and deliver” the Closing Disclosure to their customers, thereby following the same stance by Wells Fargo and Bank of America. Chase has also indicated it will need fees, costs, and credits ten calendar days prior to the scheduled closing date to ensure timely preparation and delivery of the Closing Disclosure. I hope that more lenders will follow suit and soon let us know how they plan to implement the new CFPB rules taking effect August 1, 2015.

Second, many of us have realized that the new rules for residential mortgage loan closings will necessitate changes in standard real estate purchases and sale agreements, including the “FR-BAR” form that many of you use. The Joint Committee of the Florida Realtors and The Florida Bar is undertaking an examination of the current form and will be proposing appropriate changes in the very near future. (If you have any specific comments, questions, or suggested changes on the FR-BAR form related to the new rules, please forward those to me, and I will send them along to the committee for their consideration.) Stay tuned as there is more to come on this issue!

Third, I am excited to announce the launch of the General Counsel Blog on The Fund’s website. This will be another place where you can easily review my emails to Members and access articles in the Concept. In addition to information about the new CFPB rules, I will be using the General Counsel Blog as another forum to post current information and notifications about important topics and upcoming changes.

Lastly, I end this email by saying how exciting it is that registration for Fund Assembly has been through the roof! Fund Assembly is not solely devoted to the new CFPB rules and the Closing disclosure. There will be not only be important seminars to help you get ready for August 1st, but there will be Claims Skits, Title Teasers, a Real Estate Law Quiz, Commercial and Residential Tracks, and so much more!

Don’t miss this exciting opportunity to attend the most important real property conference of the year! There are still openings available. Guarantee your seat at Fund Assembly and register today!

Best Regards,

Melissa Jay Murphy
Senior Vice President
and General Counsel