Vendor Pledges Readiness for Pending Doc Requirements

ClosingCorp promises to ensure clients remain compliant when new disclosure document requirements related to its services are finalized later this year.

The company pledged that its automation and services will be ready to handle final rules for the integration of documents under the Real Estate Settlement Procedures Act and the Truth in Lending Act whenever they arrive and whatever form the integration takes.

The company estimates that publication of the final rule will occur in the third quarter with a “reasonable” effective date some time thereafter and has suggested based on the proposals to date that will tighten the tolerances for how much closing cost estimates can vary from final costs.