New government regulations may impact your closing dates.. as if it weren't hard enough

Real Estate Appraiser with Valero Associates Appraisals and Sales

RESPA (Real Estate Settlement Procedures Act) ..waht you need to know to keep your buyer informed

 1.  If homebuyers are is financing the property, these new regulatory and investor guidelines will impact-and could even dictate-the closing date, to meet the required time frames.

2.  Upfront fees cannot be collected by the lender (except for a credit report fee) until the initial disclosures are received. If the disclosures are overnighted, they are considered "received" the next business day-(excluding Saturdays) allowing the fees to be collected on the following business day.

3.  The homebuyer MUST be given a copy of his or her appraisal a minimumof 7 business days prior to closing. This will be fun for the lenders that don't order the appraisal until the very last minute.

4.  An increase of more than .125% in the Annual Percentage Rate (APR)from the initial Truth in Lending disclosure (TIL) requires the TIL disclosure to be revised and reissued to the homebuyer. The homebuyer must receive a revised TIL disclosure at least 3 business days before closing, providing the homebuyerwith the time required to determine if the homebuyer is comfortablewith his or her loan choice. If mailed, the TIL disclosure is considered "received" 3 business days aftermailing.

Closing dates come and go..keep doing your best to close on or around the closing date to keep your client happy.


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Orlando J. Valero

Appraisals and Sales
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