Starting on August 1, 2015, the HUD-1 and the final Truth-In-Lending forms will be replaced by one form called the "Closing Disclosure". The initial Truth-In-Lending form and the Good Faith Estimate will also be replaced, by a new form called the "Loan Estimate".
Along with the new forms come new timing requirements. The Closing Disclosure will be required to be provided to borrowers at least three business days prior to closing. This is a significant change to current practice, in which lenders typically approve the final HUD-1 within the 24 hours leading up to closing, and the borrower generally sees it for the first time at the closing table.
The Loan Estimate will be required to be provided to borrowers within three business days of application for a loan.
The new forms may be viewed here (along with a comparison to the old forms).
A summary of the final rule passed by the Consumer Financial Protection Bureau may be viewed here.
Holly Strutt practices real estate law in Saugerties, New York.