The new government regulation requiring repeat and final disclosure of closing fees and Annual Percentage Rates could delay a closing if they are not handled properly by all parties.   In short, the documents must be received 3 days after lender receipt of the loan application as well as 7 days prior to closing. If the dated docs are not in the file, the loan will not close.  In light of the newness of this exercise, the lenders, loan officers, attorneys and borrowers must all pitch in to make sure the requirements are met! A borrower can do the following things to help move the paperwork through the system:  

• Open all mail that is received from the lender- don’t throw it out
• Read it- it does not make good bedtime reading unless you are having trouble falling asleep
• See if you need to sign anything- there will be little “sign here” tabs and X’s where you need to sign
• Send it back- typically a postage paid envelope is included

 Be aware of the following:  

• Every time your loan terms change, you will receive new papers to sign (follow above)
• If you go to a different lender, you need to sign all of their forms
• Final disclosures cannot be sent out until you lock your interest rate in

 This means that once your rate is locked, the lender needs to process the paperwork and send it to you. You need to sign and return it to lender. Once in their file, seven days will count down to the closing.  To expedite this, I suggest we all utilize technology. Email it, print and sign, scan and email back. All in one day……..  Dale Siegel

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