Locally Owned & Operated since 1982
(360) 676-8484
(800) 334-6314
Escrow Fax:
(360) 671-0982
Title Fax:
(360) 676-6675
Main Office:
2011 Young St.
Bellingham, WA 98225
507 Front St.
Lynden, WA 98264

What are the new forms? 

Loan Estimate – integrates the GFE and Initial TIL

Closing Disclosure – integrates the final TIL and HUD-1

What types of property do the new regulations cover? 

The type or property is not a determining factor as to if the new rule is applicable to the transaction.  The new rule applies to a closed-end consumer credit transaction secured by real property, other than a reverse mortgage, HELOC, mortgages secured by a mobile home or by a dwelling that is not attached to real property.

What exactly is consumer credit? 

Consumer credit means credit offered or extended to a consumer primarily for personal, family or household purposes.

Are transactions encumbering 25 acres or more and vacant land exempt from the new regulations? 

25+ acre loans were exempt from RESPA under Regulation X and were only covered by TILA if the loan purpose was for personal, family or household use.  Under the new rule, effective August 1st, 2015, the RESPA exemption has been removed pursuant to Regulation X and now the two regulations are consistent.  If the loan proceeds are for personal, family or household use, the transaction is covered by the new Rule regardless of the size of the acreage.

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