Pack in a few classes Realtors, Mortgage Consultants and Title Companies! Hang on for a bumpy few months while everyone adjust to new Federal Closing Rules!!
As of August 1, 2015 the Final Closing Disclosure must be delivered to the Buyer 3 days prior to closing! That means, all changes to the closing numbers must go back to the Lender and be re-issued causing at least a 3 day delay!
If you're accustom to 20 or 30 days from ratifying a contract to closing plan on 45 to 60 days if a mortgage is involved.
If the Buyer does not provide the Closing Company with their completed Information Sheet within the first week of ratification expect delays!
No longer can you realize the day before you forgot the termite report... this will now cause a three to ten day delay!
Due to the fact NO ONE GETS TO PRACTICE these new rules and Disclosure Forms before August 1, 2015 it should be a very interesting transition!
But Y2k turned out not to be as bad as all the hype... perhaps a new Closing Disclosure that actually requires Lenders to have all their closing documents and numbers 10 days in advance to deliver to the Buyer 3 days in advance should be no trouble at all!