I received a letter today from a lender with whom we do business here in Maryland. This lender has taken it upon themselves to send us and other title agents with whom they do business a letter describing their new closing guidelines based on Fannie Mae's "Loan Quality Initiative". The lender was kind enough to send us a copy of Fannie Mae's Announcement SEL-2010-1 which includes FAQ's relating to this new initiative.
The letter describes new policies that this lender has put into place to enable them to have their pre-Funding Review Auditors review and examine the entire loan closing package, prior to closing. They are asking that we schedule the closing date with them seven (7) days in advance of closing, they are asking for our commitment and preliminary HUD-1 four (4) days prior to closing and they are promising a FINAL FEE SHEET three (3) days prior to closing. What a welcome change this is. Title agents, Realtors and especially buyers will very much appreciate these changes.
In the ordinary course you know that we often don't get the closing package until the date of closing, borrowers are scrambling at the last minute to get to the bank for their certified funds and everyone is just a nervous mess right up to the moment of closing. It does not have to be this way and I applaud this lender for being pro-active and making these changes.
It has always been my pleasure to recommend this lender and you can be sure that I won't hesitate to continue to do so.
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