Clients need your help understanding mortgage lending regulations. Here's how...
Consumer protection regulations have been put in place to ensure that homebuyers receive better information, especially regarding cost disclosures, earlier in the mortgage process.
New Truth in Lending disclosure requirements took effect July 30, 2009 and the timing of your closings may be impacted. Because of these requirements, it is wise to plan for at least a 30-45 day close from the day your clients apply for their mortgage loan. See our webpage about the new regulations here.
A flier with the basic points about the new Truth in Lending changes has been created for KCRAR members to use when talking with clients. Go here for the flier. After discussing it with your broker, you may want to add your logo and personal information in the open space at the bottom.
What's been happening to your business since the new regulations kicked in? Do you have any tips for fellow REALTORS®? Use the comments section below to tell other KCRAR members about your experiences!
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Posted on Fri, October 2, 2009