HVCC & MDIA (REG Z) INCREASED TURN TIMES FOR REAL ESTATE CLOSINGS.

REAL ESTATE CLOSINGS WILL TAKE LONGER MOVING FORWARD

EXPECT INCREASE on real estate closings due to the implementation of HVCC and now MDIA. ( REG Z / TILA)

I am telling my realtor’s and builders to consider increasing the normal 30 day closing timeline to 45 days if possible.

This will decrease work on realtors to constantly ask for extensions etc. The mortgage professional, lenders and realtors do not like the annoyance of rushing to close files due to time constraints from the contract. This will protect the borrowers deposits and let everyone sleep better at night. 30 day closing is still very achievable but why not make it 45 days on or before and still shoot for 30 days but give extra time just in case.