Posted by Stamper_WI on 7/29/09 3:25pm
Msg #297923

Correct me if I'm wrong

But do you think the new RESPA rules (recieving Good faith 7 days before) will change our scheduling? I am getting calls for appts up to 2 weeks out.

Reply by PAW on 7/29/09 5:23pm
Msg #297936

It should, but only time will tell if it actually does.

Reply by Linda_H/FL on 7/29/09 6:00pm
Msg #297940

I was speaking with a bank loan officer yesterday

He's anticipating it's going to be a nightmare...

Any changes to the loan that change the APR by an eighth of a point require new disclosures and start the 7-day period rolling again....so if borrowers are scheduled to close and a significant enough change is made, closing is now postponed until 7 days after delivery of the disclosures.

At least that's what he said and his feelings on it - a total nightmare.

Reply by Stamper_WI on 7/29/09 6:01pm
Msg #297941

Re: I was speaking with a bank loan officer yesterday

I smell waiver abuse

Reply by MW/VA on 7/29/09 6:21pm
Msg #297942

Re: I was speaking with a bank loan officer yesterday

You bet. I've already seen it on the 3-day requirement for receipt of the appraisal--waiver in almost every package.

Reply by CopperheadVA on 7/29/09 6:25pm
Msg #297943

Re: I was speaking with a bank loan officer yesterday

What's disturbing is that it's in the package whether it applies or not. I'll ask people if they received a copy of their appraisal and a lot of times they say yes, but the waiver is in the package anyway. Actually come to think of it, I think some state that they received the appraisal, but next paragraph states that if they didn't receive it then they waive their right to have it 3-days ahead of closing.

What's the point of having the new rules if they just have an automatic waiver in every package???

Reply by Cari on 7/29/09 6:56pm
Msg #297947

I've seen some BO not receive their appraisal, and NOT

sign the disclosure with no delay in funding....I think it all comes down to "whose" enforcing the rules.

Reply by Les_CO on 7/29/09 8:03pm
Msg #297963

Re: I was speaking with a bank loan officer yesterday

We can always hope?...This past year, for the most part, I have been the first one to deliver (and somewhat) explain any of the docs to the borrower…. regardless of the CO Law. The only change I’ve seen is a document (waver) stating the borrowers ‘relinquish’ their rights to having received all the info prior to signing

Reply by MichiganAl on 7/29/09 11:49pm
Msg #297977

My thoughts exactly

Oh, we have to give the borrower their appraisal within three days? Well, how about instead we just add another document to the stack that says they waive that right? Yep, I can see the same exact thing happening here.