Home Buyers and Sellers will need to be aware there will be some major changes to the closing process, which will make it almost impossible to "rush" to the closing table to beat a deadline. More layers, with required waiting times, plus, what used to be handled by title companies, is now being orchestrated by the lenders. There will be a THREE DAY waiting period AFTER the numbers are generated BEFORE a closing may occur! If there are changes, then ANOTHER THREE DAYS will be required, causing delays in closing. We have a significant amount of delayed closings now. This should almost make it impossible to close on time. Rather than making 30-45 days standard on contracts, it will become necessary to put upwards of 60 days for conventional and possibly up to 90 days on VA and FHA products. The link below will take you to a video that reaffirms the confusion that is undoubtedly coming, as the standard HUD-1 Settlement Statement, with numbered lines, is replaced by this new.... merged... un-numbered.... form!
GOOD LUCK TO US ALL!!
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