Important change that will affect your Sale Contract is:
Page 3 - once the lender provides the customer with a Good Faith Estimate, the customer has 10 days to "shop" the estimate, or it expires. If your customer elects to shop, this could use up any financing contingency that you may have included in your sales contract. SO IT IS IMPORTANT TO WRITE IN NO LESS THAN A 30-DAY FINANCING CONTINGINCY in order to protect your customer. This gives your customer time to shop, then, the selected lender has enough time to process and underwrite the loan.
Additionally, please choose your attorney's carefully. Because of all the new GFE and TIL changes RESPA is mandating, your loan officer should be requesting a PRELIMINARY HUD from the attorney as soon as the loan goes in to processing. This will ensure that their costs match those I've disclosed in my GFE and TIL. If your selected attorney will not provide a Preliminary HUD in advance, then you will be notified that this could possibly cause a delay in your customers closing. So please have a conversation with the attorney you prefer and check they can provide you with what they need.
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