new loan disclosure rules: New Loan Disclosure Rules May Adversely Affect Some Escrows - 07/17/09 11:32 PM
Heidi White, Prudential California RealtyCoronado, CA 619 933-4741
New Loan Disclosure Rules May Adversely Affect Some Escrows
With the new rules, if the final APR is off by more than 0.125% from the APR provided with the initial Good Faith Estimate, then the lender must provide the consumer a newly corrected GFE no less than three business days prior to consummating (funding) the loan. The consumer is to have a three day right to rescind the loan after seeing the real cost of financing (APR and Fee Disclosures.)
 So, my question is, "How will lending institutions deal with this?" 
I would not … (0 comments)

 

Heidi White

Coronado, CA

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