October 3 is the new launch date for the new residential closing regulations from theĀ ConsumerĀ Finance Protection Bureau (ā€œCFPBā€). Ā For the residential lending business, this means new waiting periods for closings, new forms, new technology, new reporting requirements, and new security procedures.

At Ivy Pointe Title, we have been preparing for this date for a long time, including educating ourselves,Ā as well asĀ Realtors and lenders with whom we work, on the new forms andĀ procedures, adding new technology to meet the demanding requirements of the CFPB, and even changing our office layout to meet the demanding new requirements of the CFPBĀ regulations.

One cautionary note we provide to our clients: As you are writing residential purchase contracts to close after late September, leave more time for the closing and be super-cautious aboutĀ simultaneous closings where the seller sells one house, andĀ tries to closeĀ on the purchase of a second house the same day. Ā The CFPBĀ timing requirements may well foul up theseĀ otherwiseĀ well-laid plans.

We are ready to go on that launch date toĀ continue to close your transactionsĀ ā€” accurately and on time, every time.