Under the new Mortgage Disclosure Improvement Act, borrowers now have to receive an estimate of the closing costs for review 7 days prior to their mortgage closing. So a final Good Faith Estimate of closing costs will be sent to the client for review and approval. If the client does not like the fees or thinks they can do better, they have time to shop around for a new lender. If they choose to do this, they have 7 days to land a new lender, review their fees and close on the loan. What are the chances of this happening in an easy and stress-free manner? It won’t.  That is why there is an opt-out clause. The client may waive the right to receive this document and close right away. This can only be done with client proof that that there is a bona fide emergency and they cannot wait the 7 days. The definition of emergency has not quite been hammered out yet.  So, does “I really, really need it now” count as an emergency? Dale Siegel