Change in the lending industry is our new favorite word. It seems as though we get one new process under our belt (HVCC-appraisals) and now we have new changes to learn and digest as well.
July 30, 2009 the new HERA law and the MDIA disclosure processes have become effective.
In a nutshell, the new dislcosure process tells us when we can order the appraisal for a borrowers transaction and collect fees for the appraisal. We must wait 3 days from when your lender sends out your initial truth in lending statement (TIL) before we can request your appraisal and collect any fees except for the credit report fee. THere are other timeline requirements along the way as well to review and discuss with your loan officer.
Many lenders are working through their processes and putting systems in place now. I expect a few bumps along the way but with a good mortgage professional and good communication with all real estate partners, we should be able to limit any delays and keep them to a minimum.
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