Posted by Shoshana/AZ on 8/22/09 2:27pm
Msg #301366

Slowdown caused by new RESPA regs?

I am thinking more and more that this is the case. The signings I have been getting this month are all BofA signings where the borrowers have been waiting since April for their loans to go through. That time period is going to get even longer once they start absorbing all the loans from TBW.
In my LO experience, since the law went into effect on 7/30, close of escrow is really taking a long time.

Reply by Linda_H/FL on 8/22/09 2:34pm
Msg #301367

Title company told me the other day that

loans in the pipeline prior to 7/30 didn't fall under the new regs...true?...not sure...that's what she told me...it was a concern because this borrower had that "over an eighth of a point" change...I was concerned...title said no problem.

<<shrug>>

Reply by Shoshana/AZ on 8/22/09 4:23pm
Msg #301371

Yes, that's true.

However, as a notary I would not have been concerned with an interest rate change. That's not my job.

Reply by Linda_H/FL on 8/22/09 4:31pm
Msg #301372

Was responding to this, Shoshana..

"The signings I have been getting this month are all BofA signings where the borrowers have been waiting since April for their loans to go through"

If it was in the pipeline the new rules didn't affect it - at least not the regs that kicked in 7/30..

Almost all of my signings I hear the same thing - we've been trying to get this done for months..

Reply by Claudine Osborne on 8/22/09 10:24pm
Msg #301392

Re: Was responding to this, Shoshana..

I do believe it is due to the new regulation..JMHO

Reply by MW/VA on 8/23/09 11:19am
Msg #301395

IMO greater impact might come from new licensing regs under SAFE Act (see thread 301260).

Reply by Lucy/IL on 8/23/09 8:40pm
Msg #301411

I have done a couple of ARM loans recently. Why would anyone want to do that again? Alot of Bank of America loans too

Reply by OR on 8/24/09 12:32am
Msg #301434

I have seen a the refi Country Wide to BofA and Wells Fargo all this week.