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Time for an update to rescission days?

By
Mortgage and Lending with US Mortgages - David Shamansky NMLS#392126

3

What makes this day even more special than most???

Well its a Friday so it already has a HUGE positive factor for me, being the work week is mostly over and then we add the Colorado sunny blue skies to the mix and that's an extra bonus but for this we also get the fact that this mid month day is actually the last day of the month due to the shortened week and the fact that the 30th falls on a Sunday.

Crazy that the 1 day holiday throws that wrinkle into the equation but topped with this being a month of only 30 days and the 30th is a Sunday you lose another 2 days remove 3 business days from the rescission equation and that is like losing the majority of an entire week for closing and disbursement.

Is it me or does anyone else think that there could be improvement in refinance transactions to not delay fundings as much?

Maybe counting the day of closing as part of the rescission period?

Maybe counting a holiday (if applicable) as part of rescission day in the 3 day current wait period?

I am ALL for giving people time to think the loan through but with all the over-regulation these days and the fact most of these borrowers have been waiting on the closing and funding for at least a month +, I fail to see how these minor changes are or could impair the borrower, however they could speed up the disbursement by as many as 5-7 days?

Anyway, food for thought so any comments, well, they are welcome...

 

 

Posted by

araward

Colorado 1st Time buyers, if you are ready to stop renting, get the many benefits from home ownership, or maybe your a current homeowner looking to move up or maybe looking into what it takes to become an investor in this incredible market, that WILL create millionaires, and you are looking for a strategy, answers and direction, please feel free to call or email me. My 22yrs in mortgage lending and 30+ years in finance gives me an in depth knowledge, critical to helping others and making their dreams go from dream to reality!

David Shamansky
"Positive reinforcer, promoter, success coach, entrepreneur, team builder, wealth builder, blessed individual, business leader and professional lender"

US Mortgages
6855 S Havana St Ste 520
Centennial CO 80112
720-524-8020
NMLS#392126
Equal Housing Lender

*photos used may come from my personal pictures or www.freedigitalphotos.net

 

Comments(12)

Praful Thakkar
LAER Realty Partners - Burlington, MA
Metro Boston Homes For Sale

David Shamansky - and from real estate perspective, there are the effective number of business days remaining in November!

In advance, Happy Thanksgiving.

Nov 21, 2014 07:49 AM
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

You have a good point David Shamansky it show what a hard worker you are.

Nov 21, 2014 08:24 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

WellDavid,  I am glad that you have the next two day off and hope the Denver Broncos win this week.

Nov 21, 2014 09:23 AM
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Wow, David. You just made this month fly by for me with all your figuring. 

Nov 21, 2014 09:43 AM
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

David 

Next week is going to be a short week to get business done.

Good luck and success.

Lou Ludwig

Nov 21, 2014 12:00 PM
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

So David Shamansky does that make November the shortest month of the year?

Nov 21, 2014 01:11 PM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning David. I have always had an issue with the way the 3 days work, especially around holidays and weekends as you mentioned in your post. I don't see it changing something the borrowers will have to live with.

Make it a great weekend!

Nov 21, 2014 05:52 PM
Marco Giancola
Beachfront Realty - Miami Beach, FL
Realtor (305)608-1922, Miami Beach Florida

David very good point. I like to use calendar days on my contracts for this very reason.

Nov 21, 2014 10:10 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

David, the 4 days Holiday this coming week has thrown a wrinkle in a few dates on the contracts!  

Nov 21, 2014 11:42 PM
Jon Kolsky
Kolsky Realty & Management - Long Beach, CA
Licensed California Real Estate Broker

David Shamansky ~ with a shorten calender things do get a little crazy, that's just part of what the Holidays bring

Nov 22, 2014 01:33 AM
Claude Labbe
RLAH / @properties - Washington, DC
Realty for Your Busy Life

November is crazy like that; December not much better.

Nov 22, 2014 10:19 AM
Tammy Adams ~ Realtor / Podcaster
Maricopa Real Estate Co - Maricopa, AZ
A Maricopa Agent who Works, Lives & Loves Maricopa

I'm running into this next week. Everyone is pushing for Wednesday or it moves from the 26th to the 1st due to this holiday. That will kill sellers with FHA loans for sure.  One missed day leading to 4 then triggering interest. 

Nov 23, 2014 06:32 AM