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Just when you thought we couldn't change anything else in our industry...
Here's another current observation from Your RED-Headed, Mortgage Guy
YES, the Mortgage Disclosure Improvement Act of 2008 comes to haunt us on July 30th.
Early disclosures are required for "any extension of credit secured by the dwelling of the consumer".  Not that we in the mortgage business weren't already required to provide a Good Faith Estimate and a Truth in Lending form within three business days, we are now bound by other restrictions with this law.
The earliest a transaction can possibly close is SEVEN days AFTER the initial closures have been ISSUED by the lender (delivered by mail, e-mail or in person).  This is assuming NO re-disclosure is required - let me discuss that.
Mortgage Lenders are now required to RE-DISCLOSE if the APR changes by more than .125% (whether it's bad or good), if the fees and charges change by more than 10% or there is a change in loan terms.  THREE business days must pass in the event of redisclosure.
The three business day waiting periods begin when the consumer actually receives them.  (I try to meet with my clients, so that I can hand them the disclosures directly.)  When sent by e-mail, which we at Landover do over ... more

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