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The left? What exactly is the left and how did they get in control?
Have you never heard of Elizabeth Warren? CFPB is her baby.
It does not matter how much pain you inflict on consumers, as long as you can claim to be their champion.
I don't like "left" and "right" as they are pretty much the same thing in their cogent disregard for decency and integrity, so I apologize for using the term.
Last edited by MikeJaquish; 09-09-2015 at 04:37 AM..
In my area, most of the changes have already been implemented so it's not going to be a huge change. The 3 day disclosure might come into play, but it's very rare that terms would change that close to closing anyway.
The new "closing form" is a joke. It specifically states on the form that the buyer is signing it as a disclosure and doesn't have to agree with the amounts listed. It's not an end-all like the HUD-1 was. Also, sellers no longer have a closing statement to sign. The title companies in my area are keeping their basic closing form intact and will have the sellers sign that to signify they actually did sign something to acknowledge the signing at closing, but nothing official.
The lenders have said over and over that it won't effect rates or fees to the consumers, but I bet 20 bucks that it does! There is no way the lenders can take on that much more liability and fees out of pocket without raising their fees and rates. Yes, out of pocket fees because if fees are different than what they quoted, they have to eat them!
Local closing attorneys only look at the new closing/disclosure statement as an additional form to add to the paperwork burden.
They expect to continue to produce a HUD1, so there is a concise and coherent statement to review with the parties.
I have a closing tomorrow. Should have the keys by lunch, or thereabouts.
The borrower only submitted the last of the paperwork required yesterday. Boxes checked off, and cleared to close.
According to CFPB, in the future, this experienced and qualified borrower should miss the closing date, pay storage fees to the movers, and spend the money for a few more nights in hotel, after which they will have an increased cost incurred at the closing attorney office, all so they are "Protected."
What Fun it will be to be "Protected!"
Last edited by MikeJaquish; 09-09-2015 at 04:41 AM..
At one lunch-n-learn I attended, the lender said the days of 30-days closings are over. They will be more like 45-60 days. Also, in the event of domino closings, see if rent -backs or early occupancy is possible, because if one gets held up, the snowball effect will come into play.
At one lunch-n-learn I attended, the lender said the days of 30-days closings are over. They will be more like 45-60 days. Also, in the event of domino closings, see if rent -backs or early occupancy is possible, because if one gets held up, the snowball effect will come into play.
LOL
I have 3 sides in a back-to-back-to-back-to-back closing sequence on October 14/15.
THOSE days are over? Maybe for a while.
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