Mortgage Talking Points

Delayed closings! Sellers getting mad.  Buyers’ truck (with all of their friends) sitting in the parking lot!  It’s a mess when you have to postpone the closing for another 3 days because of  new GFE disclosures. 

Prepare for the worst–hope for the best! 

I suggest that you email  your real estate agents (Hot Tip of the Week) to add a clause to all purchase agreements that says:  “Automatic Closing Date Extension Granted by buyers and sellers due to RESPA and/or Disclosure delays”.  (Or have them talk with their Broker on how best to word it for their rules.)

It’s better to have the “conversation” about the potential problem upfront–than at the closing table.

Here’s the link to download the January 28, 2010 RESPA FAQ.

34 questions/clarifications - changes are in BOLD LETTERS - Answered some questions that were hangin’ out there! 

www.hud.gov/respa

A provision in the National Licensing Law and Registry required a “consumer” link so they can check to make sure a mortgage company, loan officer, etc are licensed (or had their license revoked).  The website has just been launched and here’s the link:

http://www.nmlsconsumeraccess.org/Home.aspx/MainSearch

Check it out and see if you have been listed yet .