W T F....if it could just be left there I would be doing my industry, and clients great injustice. In October federal guidelines have changed to allow more time for the consumer of a loan to look over documentation.
What a mess, There is so much paperwork because federal guidelines demand the bank proves BEYOND a reasonable doubt that you are indeed capable of affording a mortgage. Remember the Banks do not want to be in the real estate business they are in the lending business, from previous years of increase short sales and the like of a crisis you just needed to be breathing to purchase a home.
Here is the skinny: I'm not a loan officer so the exact reasoning for the delay in closing is left up to consumer protection. So let's focus on the facts: It's December 1st and if there is a client who wants to buy a home the new homeowners will have to wait nearly til the end of January due to the holidays new TRID rules.
That is Truth in Lending Documents. I've seen them, they are pretty much what they say they are and that it HAS been easier to understand.
Having the facts straight and necessary time to close is concerning. With the Sellers and the Buyers concerns foremost in my mind, everyone points to federal guidelines and necessary time limits for closing documents to be reviewed. There are over 150 pages of new documents that the Paper Pushers have to go over! It's going to take a while.
Oh and we are also getting interest rates on mortgages for under 4%!
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