Lessons from the Pros

Real Estate

Feedback from a Real Estate Industry Professional

The articles that I write for Lessons from the Pro’s cast a wide net. I sometimes get very interesting comments, questions and great insight from my readers.

Below is one such comment I thought would give you some useful additional information concerning the “Know Before You Owe” mortgage forms that have replaced HUD 1 forms.

free real estate investing workshopThe original article being referred to is, How New Regulations Impact the Real Estate Closing Process.

“Diana,

I am an Account Manager (fancy name for processor/underwriter) for a Lender in Tampa. I enjoyed your article especially letting people know that transaction times will increase. However, things like payment of bills (debt consolidation payment) will not cause a CD to be reissued with waiting periods. The only three things that trigger the wait time is APR, program/product change, and or prepayment penalties being added. No other changes will affect the closing date.   Anyway, I have been in probably 40 plus lectures on this subject in the last 18 months. It is a mess to say the least.

And I will tell you that with 25 years in Mortgage and Real Estate, this is the saddest commentary on the American Dream I have ever seen.”
Steven A.

 

I want to thank Steven for sharing this information and allowing me to share it with you. I enjoy hearing your comments and your questions – keep them coming.

Great Fortune

Diana Hill

dhill@tradingacademy.com


DISCLAIMER This newsletter is written for educational purposes only. By no means do any of its contents recommend, advocate or urge the buying, selling or holding of any financial instrument whatsoever. Trading and Investing involves high levels of risk. The author expresses personal opinions and will not assume any responsibility whatsoever for the actions of the reader. The author may or may not have positions in Financial Instruments discussed in this newsletter. Future results can be dramatically different from the opinions expressed herein. Past performance does not guarantee future results. Reprints allowed for private reading only, for all else, please obtain permission.