Changes In The Mortgage Process

Changes In The Mortgage Process

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I’ve read more articles than I can count and also took a class on the new “Integrated Disclosure” mortgage process that went into effect on October 3. Closing delays were widely anticipated, but lenders have been ready for the changes. So what will cause an official delay in closing? In simple terms:

  1. The APR (annual percentage rate) increases by more than 1/8 of a percent for fixed-rate loans or 1/4 of a percent for adjustable loans,  

  2. A prepayment penalty is added,

  3. The basic loan product changes, such as a switch from fixed interest rate to adjustable rate

About anything else that could delay a closing would have delayed a closing before October 3.

Good news for homebuyers: the new process is more transparent and easier to understand than the old Good Faith Estimate/HUD-1 process.


Amy Sims Headshot
Phone: 504-460-1016
Dated: October 28th 2015
Views: 1,022
About Amy: ...

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