There were a
number of changes that went into effect October 3rd, as part of the
CFPB’s efforts to make sure we never have another meltdown like we had a few
years back.
Some of these
are great. Sellers MUST get their
closing statements for review 3 days before closing. What?
No more statements at 2pm for a 4pm closing? (Yay!!)
Also, one
that will take a while to get used to is the term replacing ‘closing’. That’s right, there will no longer be ‘closings’. We will now have ‘consummations’, which
sounds decidedly more, er, romantic.
Imagine my
surprise when I saw a lender post this with a picture of himself and his new
buyer on facebook:
Consumption of the sale is
complete! Big congrats to Kyle on the purchase of his first home!
Wow, the closing was, hmm, ‘used up’? Or it got a case of tuberculosis. I hope not.
There’ll be plenty of little funnies like this for real
estate pros in the next couple of months, I’m sure. Let’s take the positive from these changes
and not forget to smile.
courtesy of imagerymajestic/freedigitalphotos.net
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