Could your closing be delayed 6-7 days due to new Respa Regulation effective 7/30/09

Mortgage Disclosure Improvement Act of 2008 has provisions that are going into effect July 30, 2009.

Do you have a pending sale or listing that was done before this time? Have your attornies (if they are not aware of this new provision) re-check all third party figures with a preliminary HUD a good 1-2 weeks before closing to get to your mortgage rep or broker so the loan package can arrive on time or this could delay your closing date 7 days!

The 3/7/3 Rule requires a seven business day waiting period once the initial disclosure is provided before closing a home loan (business days are everyday except Sundays and Holidays). This means that before a borrower can close on a transaction the borrower must receive the initial Good Faith Estimate and initial Truth in Lending statement disclosing the final Annual Percentage Rate (APR) seven days prior to closing.

If the final annual percentage rate APR is off by more than .125% from the initial Good Faith Estimate disclosure then the lender must re-disclose and wait yet another 3 days before closing on the transaction.

Charlene Grant, Realtor Associate

and Mortgage Consultant with Your Mortgage People, 925 Lacey Road, Forked River NJ Call me today for a quick free and easy Pre-Qualification.

Century 21 Pacesetter Realty Inc.

325 E. Route 72

Manahawkin, NJ 08050

ShopJerseyShoreHomes.com

Cell Anytime: 609-312-6625