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New Rules For Utah Lenders Extend Days Needed To Close On A Home!

By
Real Estate Agent with Group 1 Real Estate

Last week in the "presidents message" I talked about the new rules for Utah lenders.

Utah lenders were my focus. For obvious reasons.

These regulations however are national and meant to be consistent across the country.

In other words the new Federal standards outlined determine that the information that mortgage lenders are required to  provide a home buyer in Salt Lake City Utah should be no different than the documents required to process a loan in Grantsville, KY.

Many Utah lenders I have talked to have suggested that the new guidelines (rules actually) will delay closings and make it impossible to close a loan in less than 30 days.

Others say they have been conforming to most of what is now required already so closings should remain the same in terms of days needed.

A great article appeared on active Rain posted by Jeff Belonger the FHA Mortgage expert from Cherry Hill N.J. You can read Jeffs take on the Mortgage Improvement Disclosure Act @ MIDA.

Here's some of what I had to say.

With the implementation of new Federal Reserve regulations, home buyers now have a set of new protections and disclosures when they shop for a home loan. The rules, which took effect July 30, are designed to help consumers better determine whether a particular borrowing transaction is right for them.

                The disclosures are part of Regulation Z, the consumer protection provision of the Truth in Lending Act. They include a number of time frames designed to give consumers the chance to review loan and other related documents. While the new measures are meant to provide more protection to consumers, home buyers should also know that the new requirements could potentially delay their scheduled closing dates.

Today I'll review the new requirements so you'll know what disclosures you should receive when applying for a home mortgage as well as the time frames you should expect in the mortgage application and home-buying process. To read the entire article

The bottom line here is that you need to know your lender, or get a recommendation from your trusted Realtor of someone that they have used before and know will get you the things you need when you need them. And what they now are supposed to get you by law.

If you don't have a Utah Realtor, let us apply for the job.

You can find out how we feel about this business by going to our website www.tooelehomesforsale.com and checking us out.

Or give us a call @ 435-840-5029 we'll be happy to give you the names of a few lenders we have confidence in.

Lenders that won't let the new rules hold up those closings more than they need to.

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