The mortgage industry has made numerous changes over the past year that affect you, me and all potential homebuyers. These changes can, if not handled properly, cause mortgage transactions to be delayed or, in some cases, terminated. Below is a list of some of the more important changes and the date in which they go or went into effect:
May 1, 2009: For conventional loan transactions, loan officers are no longer allowed to order appraisals or have any contact with the appraiser during the process. This law only affects conventional loans. VA appraisals are still ordered by the VA and FHA appraisals can still be ordered by the loan officer.
July 30, 2009: Homebuyers must wait a minimum of 7 business days (this includes Saturdays) from the date that they received the initial RESPA disclosures before closing on their mortgage.
July 30, 2009: If the actual APR being charged to the borrower differs by more than 0.125% from the APR listed on the Truth-In-Lending that was given to the borrower as part of the initial RESPA disclosures, then the lender must furnish an additional, corrected statement to the borrower. The borrower must then wait an additional three days from the receipt of this new Truth-In-Lending Statement.
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