Is there a link that posts a good summary of the changes that are coming on July 1st? I've heard that the TIL/HUD will be combined and it must be given to the borrowers at least three days prior to closing. Does this mean that the lenders will be required to have their ducks in a row prior to closing and will actually be ready on time for closing? Or is there a way they will be able to get around that?
Docs for my next appointment are late - they had to rework the loan amount and now we are in a holding pattern for when docs will be ready. I know we have to be flexible in this business and believe me I am, but I have grown so weary of this kind of thing happening over, and over, and over ad nauseam. It's difficult to keep a schedule or just make normal day to day plans or personal obligations when you constantly have to deal with lenders not being ready with docs by the appointment time. I have given up my fair share of closings due to late docs and no longer being able to accommodate the appointment. Unfortunately however, when you're not able to be flexible, that results in no income for the notary due to events beyond your control. Sorry, I'm just venting because it happens so often lately and I am feeling frustrated. Not to mention that borrowers make arrangements with their work schedule to accommodate signing and then have to scramble to make other arrangements when docs are late.
Are the new rules really going to change any of this? |
