HERA and HVCC information on how the new government regulations may impact closing dates.

By
Real Estate Agent

I know many of you keep updated on all aspects of being a Realtor but here is some information that may have slipped by you.  The mortgage industry is going through some changes especially those that impact time-lines.

HVCC has already went into effect May 2009.  Home Valuation Code of Conduct main goal is to boost the overall sincerity of the valuation process.  A stipulation worth mentioning is that borrowers receive a copy of their appraisal reports no less than 3 days prior to the closing absent a borrower waiver of this condition. 

HERA effective date is July 30, 2009 and amends the Truth in Lending Act (TILA).  Changes the requirement surrounding early and final disclosures to home-buyers.  Also addresses the timing of when fees can be charged.

For Realtors that have been around a few years this will be like the days of old when a 30+ day closing was the norm.  I have found that some banks are trying very hard to know all the particulars.  I have received some great information from Wells Fargo.  Also if you "google" it use the words such as "Housing and Economic Recovery Act.  Using the acronym turns up some weird results.

I have only touched the tip of the iceburg.  I am still reading up on this so I am informed and not caught with my knickers down. 

Thanks for reading.

Visit my website, click here.

Comments (1)

Lucky Lang
Premiere Plus Realty Marco Island - Marco Island, FL
Marco Island & Naples Florida Real Estate

Michele,

Have you found that lenders are abiding by the 3 days prior to closing receipt of the appraisal?

Just curious.

Lucky :)

 

Oct 20, 2009 11:05 PM