Have you ever purchased or refinanced real estate and had to deal with the stress of getting your final closing costs last-minute, because you were at the mercy of your lender? Hopefully, that may be changing soon! The U.S. Consumer Financial Protection Bureau is currently considering a mortgage disclosure regulation in which lenders would need to disclose their final fees three days prior to settlement. As with all government regulations there are exceptions and exclusions. Although nothing is "set in stone", we support the idea 100%. Our goal as a closing company is to provide you with a complete and accurate list of all of your closing costs three to five days prior to closing. More often than not lenders will provide us with their fees less than twenty-four hours prior to closing and by the time they approve the final numbers, you’re lucky if you get the final figures three hours prior to closing. This regulation will go a long way to improve the home buying experience and is long overdue.
Can you relate?? Either as a home buyer, seller or real estate professional, share your settlement story. Visit our humorous facebook page just on this topic, Stressed Over My Settlement.