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.
The original article being referred to is, How New Regulations Impact the Real Estate Closing Process.
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.”
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.