New Regulation Z Changes Nationwide

Mortgage and Lending with Certified Mortgage Specialist

Reg Z

Notification summarized by Kimi Hammock, Certified Mortgage Specialist in Savannah, GA

New Regulations Z effective for all loans with an application date on or after June 30th, 2009.

Included Transactions secured by a mortgage loan:

For Refinances and Purchases of

  • Primary Residences
  • Second Home
  • Investment Properties

Initial TIL Disclosures must be delivered to the consumer within 3 business days* of the application and at least 7 days prior to the consummation of the loan.

If the APR increases more than an 1/8 of a percent or 0.125% lenders MUST provide a Re-Disclosed TIL and the borrower is given 7 business days to review the new TIL

The loan cannot close until the 8th day after the intial disclosures were mailed. If a re-disclosed TIL is needed, the borrower is given 3 business days to view the new TIL.  

If the loan is in float status, a redisclosed TIL should not be provided each time there is an APR increase. 

The lender does not have to re-disclose if the change in APR is decreasing.

The regulation will reduce or eliminate Rush Closings unless the borrower is facing a bona fide personal financial emergency that requires funds be disbursed during the wait period. This must be clearly communicated to borrowers at application to set appropriate expectations. 

*Business days include Monday-Saturday but exclude Sundays and legal holidays.


For more info contact Kimi @

Also, visit my website



Comments (3)

Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hi Kimi,

Welcome to Active Rain and congratulations on your first post! Here are 5 quick tips to help you get started...

1. If you haven't done so already...take a look at the different Groups that are available on ActiveRain. Once you have found a few that look interesting to you go ahead and join them...that way it will be easier for you to frequent them more often.

2. Bear in mind that real estate laws vary in each state so what someone might say in one blog may or, may not apply in your state.

3. As you become more familiar with the blog post authors you can add them as Associates. Many in return will add you to their's as well. It's a great way to extend and grow relationships!

4. Read a few blogs each day until you reach the stage as to how you want to present your posts and professional image online.

5. You can accumulate points each day and week by posting 10 comments each day and a total of 10 blogs each week. You can also accumulate additional points by inviting others to sign up...look for the "Invite Others" link from your home page.

At any rate, the opportunities to learn and network here are incredible. Best of luck to you!


Aug 15, 2009 03:42 PM
Kirk Westervelt
Van West Realty - Greenville, SC Realtor -Short Sale Expert! - Greenville, SC
Kirk Westervelt, Broker In Charge, Van West Realty - CDPE - Short Sale Agent - Home for Sale - Greenville, Simpsonvil...

Hello and welcome to Active Rain! I encourage you to learn from others, share your knowledge and experiences with all of us, enjoy yourself, and try to log in and join us in the Active Rain community as frequently as possible. I look forward to your future blogs and comments! Take care, --Kirk.

Aug 16, 2009 03:00 PM
Kimi Hammock
Certified Mortgage Specialist - Savannah, GA

Thank you for your advise. I look forward to all of the wisdom and networking Active Rain has to offer. I am truly excited to be a member. As a recent graduate and new to the work force; I am sure to gain a lot of knowledge through the Active Rain community. Thank you again for your words of encouragement.

Aug 17, 2009 05:35 AM