Closing Changes Oct 2015 – Part 2
WHY CLOSING CHANGES?
Previously – lender & title companies could change their estimate about the cost of a loan without being accountable for change
Result – sometimes people were asked to pay more $ at closing than expected
NEW FORMS – Buyers will see which fees are changeable and which ones are not
**Bonus –
It is easier to compare loan options
A buyer can see what’s changed between the loan application and closing
MECHANICS – you need to know this *****
Lenders are required to give a loan estimate to a borrower 3 business days after a loan app is taken
A closing document MUST be provided 3 days before the scheduled closing date
Side note – The task will not be delegated to title companies
Generous 3 day period to look at closing docs and ask questions about what they say
The Law Office of Beth Mann, P.C. 