New Regulations Could Delay The Closing Of Your Home Purchase!

On October 3rd some new regulations with regard to home mortgages and loan closings will go into effect that have the mortgage and real estate industry in a little bit of a panic. As a result of passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act there is a major overhaul to the lending industry in the works. 
Included in the new regulations are:
  • Changes to the forms used to disclose loan terms and settlement charges to you. Four confusing and complicated forms have been replace with two longer, complicated but slightly less confusing forms.
  • There are time lines in place as to when certain disclosures have to be made to you by the lender including minimum amounts of time that must lapse between different disclosures and steps along the way.

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Personally, I think many of the regulations are good, such as one that says you must receive your final closing estimate, showing you all of your costs and charges, 3 days before closing. However, the tougher regulations are not going to be very forgiving for sloppy or careless real estate agents and loan officers and will result in some buyers not getting loan approvals by their contract deadline and losing out on their new home, or, worse yet, not being able to close on the scheduled closing date due to missed deadlines for disclosures.

What’s your best defense? Make sure you only work with a full-time, experienced and professional real estate agent that has been well trained on these new regulations, such as our buyer’s specialists here at MORE, REALTORS.

Find out MORE – You can find out a lot more about the changes brought about by the Dodd-Frank Act in a special report I prepared and published on our site at  Dodd-Frank Wall Street Reform Act

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