New Truth In Lending Guideline Changes Will Have A Major Impact On Closings #2
By George Souto, Your Connecticut Mortgage Expert
(George Souto NMLS #65149 FHA, CHFA, VA Mortgages)
Yesterday I wrote the first of two blogs introducing the New Truth In Lending (TIL) Guideline changes. In this second blog I will go into more detail as to why I feel that these changes will create significant delays in the Loan Closing Process. First let me recap the four major changes that will go into affect at the end of the month: As of July 31 ALL Loan transactions will require that the initial Truth In Lending (TIL) statement be issued within 3 days of the Loan Application, and no Loan Transaction will be allowed to Close before the 7th Business Day after the Borrower has been sent or given the initial TIL. Business Days are defined as all calendar days except Sunday and the Federal Public Holidays The new Guidelines will also require that there be an additional 3 day waiting pe...
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