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.