For applications taken and dated after July 30, 2009 - Federal regulations require a new Truth in Lending Disclosure (TIL) to be issued and signed by a borrower if it is outside the tolerance level of change.
Example - you have been notified by me that you are cleared to close on your loan - you have decided due to financial reasons to roll your escrow in now and we need to raise your loan amount. This change is outside the tolerance level of your initial TIL disclosure. I email the new disclosure to you and you send it back signed and dated today. We must now wait three business days from the day after a received signed TIL to schedule a closing. The only issue I can see with this new procedure will be if we are running long in underwriting and need to extend a lock at this point, which can be an additional charge by the lender.
For all the latest - give me a call!
847 212 6873
Julia Matthews
Your Mortgage Specialist
Monday, August 3, 2009
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