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Homebuyers - Review The New Loan Estimate Here

By
Real Estate Agent with RE/MAX Distinctive / LIC in VA

If you're a homebuyer currently in the market, you've probably already heard about the new CFPB procedures that took effect OCT 3, 2015. If you plan to buy soon, or in future, you can begin studying now. It will be in your best interest to understand all of the new forms, procedures, and requirements that are now part of the home buying and home selling process. When you are talking to agents, loan officers, and choosing a title company to handle your closing, the more you " Know Before You Owe", the better.

 Don't burn yourself out, so I recommend you start with one item, study it, make a list of any questions that you have, and once you are clear one step, you can proceed to the next step. I've included a link below on one of the new changes. The " Loan Estimate", aka the LE. You should be familar with the terms, as well as A. " General requirements for the Loan Estimate". B. " Timing and Delivery of the Loan Estimate". C. "Revisions to the Loan Estimate". D. "Tolerances" E. "List of Service Providers" F. "Highlights and Options on the Loan Estimate". Much can be learned from the link below. What you don't understand can be explained by loan officer, agent, or title company.

 

http://www.consumerfinance.gov/owning-a-home/loan-estimate/

 

loan estimate

 

If you need help buying or selling under new Guidelines that took effect OCT 3, 2015

Call

Jeff Pearl | Lic in VA

Remax Distinctive | mcLean VA

703-727-4876

Homes | Land | Farms | Historic

www.jeffpearlhomes.com

Equal Housing

David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

Yep its a whole new lending world now isnt it?

There will be numerous bumps and bruises while we get used to the new process for sure. Hopefully things will be more normal in the next 30-45 days

Oct 07, 2015 08:41 AM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

We've been told it's the death of the 30 day closing !!!!!!!!!!!!!

Oct 07, 2015 09:40 AM
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

#1- Hi David, Yep. Might be a little slower during transition period. Not much we can do abot it at this point.

#2- Hi Michael, could be, even though some lenders still claim they can do 30 day closings, but everything has to fall into place. Buyers can't be rushed, and CFPB is suggesting 60 days, while others are saying min of 45.

Oct 07, 2015 10:16 AM
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

Hi Jeff Pearl ,  I'm not too concerned.  It seems like we get new changes of some kind every yerar.  We will just have to learn and adjust, as needed.

Oct 07, 2015 10:43 AM
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

#4- Hi Larry, I agree, But why are lenders, NAR, etc still asking for a grace period? Yes, everyone needs to learn and adjust as needed.

Oct 07, 2015 09:15 PM
Susan Jacobsen
The Alliance Group Realty - Hilton Head Island, SC
20 Years Providing WOW Real Estate Service

Jeff- good points! I think it's crazy to AGAIN have an extension. It will only prolong the agony. If they were going to phase this in one step at a time, that's one thing, but another grace period?" NOPE let's just get on with this!

Oct 09, 2015 06:43 AM
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

#6- Hi Susan, 29 lenders and title companies are asking for another extension. The Bill ( HR 3192) has passed the house, and now needs to be passed by Senate. ( S. 1711)

Oct 09, 2015 06:46 AM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Hi Jeff, I have been explaining the changes to my buyers and many are grasping the changes. I hope all this will be like riding a bike in a few weeks.

Oct 11, 2015 11:50 AM
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

My Lender has assured me we are in good hands.  In over 5 years he hasn't let us down yet.

Oct 20, 2015 10:37 AM