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In review the new CFBP TILA - RESPA Integrated Disclosures
TRID adds a "lemon law" like disclosure at closing more strict than what was in place for refinance owner occupied mortgages. Now the forms TIL and Good Faith are simplified but No room for escrow or attorney nationwide to make estimate errors. All costs have to be right on the money.
This means Realtors can no longer add credits, rebates, seller credits for repairs or termite or softening credits to make buyers close on the last days. This would add additional wait days, require appraisers to review the value and buyers to wait. Rate locks may need to be extended accordingly.
New law that is pretty easy to follow but perhaps not so great for consumers. Added wait times is now what buyers borrowers and real estate agents want.
Here at Eagle and Universal Home Mortgage we are already working to implement these changes.
Educating Realtors to make money credit agreements upfront or to avoid last minute changes that will add days to a transaction.
It takes away my ability to offer cheaper 15 day rate locks as there may not be time to close and re-disclose if any numbers change, and they often do.
I can still close a loan in 30 days, or less.
copyright 2015 Caroline Gerardo Barbeau NMLS 324982