I suppose if you were not in the real estate, mortgage financing, appraisals or any other service or entity that deals with the real estate economy, you would be impressed with this new Federal Law. I mean we always believe what we read, right?

Altering a variety of rules with the HERA ((Housing and Economic Recovery Act of 2008) and with the MDIA (Mortgage Disclosure Improvement Act), the most recent federal law was just passed and became law on July 30, 2009. These two Acts directly affect the Truth in Lending and Good Faith Estimate which are given to borrowers when they apply for a home loan.

Though the recent addition of the Federal Laws give the borrower more time to read and review their Truth in Lending and Good Faith Estimate this is possibly the only positive aspect of the new law. The new law offers the purchaser seven days to go through these documents, because a number of purchasers did not know the terms when they applied for a mortgage, including length of loan, APR (annual percentage rate), or variable rate vs. fixed rate. This is not where my dispute lies. In signing the many mortgage documents, myself and the majority of purchasers did not have a clear understanding.

Should the annual percentage rate move upward or downward an eight of a percent while your loan application is pending, you will be required to allow another three days to pass prior to escrow being able to close on your transaction. Any adjustments in the fees for your title work will also result in new documents being required and a new three-day waiting period will begin. The borrower must lock in their interest rate to keep these potentially endless delays from occurring.

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Where do such regulations originate? Does anyone consider the domino effect or possible consequences these new laws might have on the housing industry? The most important phrase in real estate has always been, “Time is of the Essence”. As a multitude of properties are now in the hands of banks, that concept has lost its importance.

Since homes takes 4, 5, 6 months or longer to close escrow in today’s market, you say to yourself, what’s another 3 to 7 business days? But, with the ever-changing nature of the fees for title work, and the fact that rate locks typically can be done only for 30-45 day periods, the new regulatory scheme is very likely to be little more than a hindrance to swiftly closing real estate transactions for borrowers.

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