You'll be seeing it now takes 45 days to close a transaction.
The key changes are:
- All loan disclosures must be produced within 3 business days of receiving the application back from the client
- All disclosures must be updated and sent to the client again within 7 days prior to the closing
- Saturdays now count as a business day.
- No fees may be paid until the Truth and Lending Disclosure is by the bank to the borrower (not the loan officer), which means no ordering the appraisal until 3 days after the client has receive the new TIL,
- The lender may only take a nominal credit report fee upfront.
- The truth-in- lending form must be updated every time the interest rate changes, even an 1/8 of a percentage.