New regulations that take effect on October 3 will significantly alter common residential real estate closings and the practice of real estate attorneys. At a recent ISBA CLE seminar, Ralph Schumann, president of the Illinois Real Estate Lawyers Association (IRELA), referred to the coming changes as a "dramatic sea change" and notes that there "hasn't been anything this big in the past 40 years."

The changes are being implemented by the federal Consumer Financial Protection Bureau (CFPB), which was created by the Dodd-Frank Act in the wake of the 2008 mortgage meltdown. They take the form of a program that is commonly referred to as TRID, an acronym for TILA-RESPA Integrated Disclosure. The new rules will apply to transactions involving mortgage loan applications submitted on or after October 3, 2015. Find out more in the September Illinois Bar Journal.