8/1/15 may become the worst day in the history of residential real estate and mortgage banking. That is the day the new CFPB inspired Dodd-Frank disclosure rules come into effect.
Because of them, the days of the 30 day close are over. One tiny little move in fees and you wait, one little change of a closing sheet could cause a 3 day delay, you will have to wait much longer to even order an appraisal.
By my calculations, not many people were desperately ripped off or hurt by the current system, but the CFPB felt different. Did they just need to do something?
Well, whatever, it’s not going to be delayed and it’s going to stay around for awhile so get used to it.
Want to know more details? Contact me and/or listen to this video.