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Been getting updates all year. Not much choice but to adapt to new ways of doing things.
Not really - it really is on the lender. I want to make sure that Buyers are aware of the ramifications of making last minute changes to their plan (ie: changing loan amount, down payment, etc) and that it will affect and delay their closing and (generally) cost them.
Not concerned. Preparation is always a good thing.
John McCormack, CRS
Yes, I'm a bit concerned, though other than keeping on top of the lender and closing agent there's very little I can do.
Everybody should be concerned and all need to do their best to be well prepared. Regardless of the best intentions, it will be be good to anticipate settlement delays during the initial period.
Back to back settlements may be much more difficult to accomplish.
I am concerned that there is a lot of bad intel out there about it and a lot of confused realtors AND lenders!
Personally, I've been to two talks on it by lenders over the last two months and I'm going to a webinar on it again next week that a mortgage broker is putting on. In addition, I have a lawyer and long time escrow officer that is a good friend of mine who speaks routinely about this topic all over the country. So, needless to say, I'm not worried about it!
Will this change the industry? Yes! Will it be confusing for the first couple of months while the lenders work out the kinks? You bet! Will the 30 day escrow go away? For the near future, yes. Is just about every lender implementing different ways of meeting and interpreting the regulations? OH YES!! Have we survived other changes over the decades? OF COURSE!
I was in corporate IT when Sarbanes-Oxley and the Payment Card Industry laws and standards came out. I even was hired on once to help start up an Information Security program at a giant retail company... talk about changing people's lives! Dynamic changes in how business was done. Companies and the industry adapted and survived. So will we.
On a related note, I have some crazy "war stories" to tell if we ever meet in person!
Not concerned. I will be encouraging buyers to work with good lenders and no more 30 day closings for now.
Just attended a training session on this - the message was that the days of 30 days closings if financing is involved are over. It certainly sounded ominous to me...
No, between taking classes for it, and knowing loan offiers understand it, it should be ok.Things are always changing in this business.
No. It does not apply in Canada.
In 26 years of real estate it is all about being adaptable to change.
I am not concerned and am prepared for the delays. I think I will all work out and the lenders and title companies in my area are ready or at least seem to be.
I am a bit concerned about it, but I think most of the area lenders are prepared and this will help me. I just won't plan on 30 day closings anymore. We will all adjust to this new change and it will become old news before too long.
We'll adjust and muddle through it.
As long as my clients are using one of my prefered lenders that I know are ready I am not. When in escrow and the loan if being done by someone I don't know yes I am concerned and planning on it not closing on time.
Tony - I am sure there will be some hiccups along the way as we all learn how to deal with the new forms and the new process. I plan to schedule every closing for at least 45 days.
My biggest concern is that buyers will not understand the new forms, and not realize how important the new process is, so that might delay things.