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Yes, more new mortgage application rules… July 30th!

By Doug Francis

new-rulesThere are some new guidelines that are being implemented by the Federal Reserve starting July 30th, 2009 as reported in The Washington Post over the weekend. Any agent who sells homes (listing agents, pay attention) better get familiar with them or your deals may get delayed at a moments notice, or learn the hard way that buyers believe they can walk away at any time.

The idea behind the new guidelines is to protect consumers from last minute “junk-fees” that can materialize at closing. Junk-fees are a common complaint heard by regulators. The protections require lenders to provide consumers with more accurate truth-in-lending estimates, and give consumers a seven day cooling-off period to digest the information or any future changes… so they can pull the plug if necessary.

  1. Requires lenders to give applicants the initial disclosures of mortgage costs (truth-in-lending statements) within three business days of loan application.
  2. Applicants then have a required seven-day waiting period to review loan documents before closing (so no more last-minute mortgage deals).
  3. Lenders may only collect reasonable credit-check fees at loan application.
  4. Requires lenders to provide a copy of the appraisal to the applicant three business days before closing.
  5. Closings will then depend on the applicant getting the appraisal, except if the applicant waives that requirement.
  6. If the applicant has not locked-in a rate and rates go up more than 0.125%, then the lender is required to provide a corrected version of the estimate to the applicant. A new seven day waiting period begins before a closing takes place.

truth in lendingThese changes may greatly impact the ability to close a loan or real estate transaction because the additional time periods or contingencies can change the closing date.

Real estate contracts bind buyers and sellers and typically have contingency periods covering many things including financing. With a real estate contract, buyers place money at risk, known as an Earnest Money Deposit, to assure the sellers that they aren’t going to default on the contract. Buyers in Northern Virginia may remove the financing contingency which puts the EMD at further risk, but I foresee future problems when the buyer has removed the financing contingency but the lender does not deliver the appraisal on-time.

When I meet with clients, I always mention that one of my roles as their agent is to help manage the transaction making sure that all parties have the paperwork that they need to complete the transaction. Yes, these new Federal Reserve guidelines are going to force mortgage lenders to be more resposible… but they will create another layer of phone calls and paperwork to ensure the sale is closing on the date specified in the ratified contract.

Filed Under: Blog Tagged With: buyer, lender, mortgage

About Doug Francis

A seasoned Realtor specializing in unique and new homes around Vienna, Virginia, Doug has seen consumer behavior, negotiations and communication styles change. At his original brokerage, he was the first agent to add an email address. Imagine! Outside real estate, he plays tennis, is a Washington Capitals fan, spends time with Skipper (his dog), and enjoys the restaurant scene in the DCA. He's a Boston University graduate who feels morning coffee is non-negotiable.

Vienna real estate agent Doug Francis

When we bought our house in Vienna, we were thinking about raising the kids, building an addition, and knowing the neighbors. Today, home buyers are attracted to Vienna because of the sense of community, walkability, and small town lifestyle.

So, what’s next after your 25 years? It’s a conversation many of my clients are having with me as they plan to move to the beach, travel, or get closer to grandkids. Helping them see their future, sell their current home, and move ahead with their updated plan has been an interesting new chapter.

My background: I am an active licensed agent in Virginia, have negotiated hundreds of sales contracts, work at TTR Sotheby’s International Realty in McLean, and still sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Let’s discuss your moving plans: Email doug@dougfrancis.com or call me at (703) 304-6827 .  Cheers!

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I'm licensed in Virginia with a focus on Vienna, VA real estate since 1991.

That deep knowledge is valuable, especially in today's fast-paced market where advice is critical. Although many of my clients are personally referred, I am available to help you too and am accepting new clients right now.

Feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

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