Is Consummation The Same Thing As Closing?

ALERT: The CFPB has proposed a new implementation date of October 3rd 2015.

Some of the terms we've used in the title insurance industry are going to change, and new terminology is being added.

Something new that will become prominent is “consummation”.

While Consummation and Closing may occur at the same time, they are separate and distinct legal events. It is advised that the Creditor and Title Agent verify applicable state laws to determine Consummation and make sure that the Closing Disclosure is received at least three days prior to that date.