I am all for helping the consumer understand the complicated loan process connected to purchasing a home. In that light, I wanted to make sure everyone is aware of the changes to the Regulation Z requirements that went into affect on July 30th, 2009. These changes will definitely inform the consumer about changes in fees related to the loan they are receiving but also have the potential to delay closing on the purchase of their home. Loan officers, real estate agents, title companies, and consumers will need to be informed and prepared for how these regulations may impact the home purchase time line.
If you want more details about this new change it is best to speak with a loan professional. Gabe Bodner with Bay Area Financing has written a great blog post with an over view of the changes. You can also check out the video below for an overview.
HERA Is Not You’re HERO in RE – The most amazing videos are a click away
Tags: Buyers' Tips, APR, finance charges, home buying, reg z, truth and lending
August 18th, 2009 at 7:39 pm
CJ, we all need to show the people who are buying after the July 30th implementation of the new guidelines, how this will effect their closing time line. No more 3 day closings. It will be kind of tricky at first, but new home buyers will soon appreciate the new rules. thanks
August 18th, 2009 at 7:47 pm
Thanks Craig for the comment. Just another change to the game. Thanks for reading the blog!
September 3rd, 2009 at 11:15 pm
I recently came across your blog and have been reading along. I thought I would leave my first comment. I don’t know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.
Margaret
http://grantfoundation.net
September 4th, 2009 at 6:55 am
Thank you Margaret for reading and taking a moment to comment!
CJ