Tuesday, November 10, 2015

Closings Change – Starting To See It

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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