Again…another one…I wonder if the days of having smooth closings are coming to an end. Smooth closings seem to be few and far betweenL. Regarding our group of Colorado Springs Realtors, we already have thorough check points set up to monitor both sides for each transaction. For years, this administrative method proved very effective for getting transactions fully compliant and ready for final closing when scheduled.
But that’s not enough these days for many Realtors. It’s equally important to team-up with a very competent and efficient lender, who remains atop the surge of new governmental regulations.
Several new lending regulations, such as RESPA, the Home Valuation Code of Conduct and the Mortgage Disclosure Improvement Act, have caused a backlog regarding loan processing. And add to this phenomena is the tightly regulated Loan Quality Initiative, which is now part of Fannie Mae.
From the information I’ve gathered, depending upon the parameters of the loan application, the lender might also have to obtain tax transcripts directly from the IRS for their review. Just this requirement alone obliterates any concept of contract deadlines for the buyer.
I have no intention to steer any buyer to a particular lender; however, I have a short-list of lenders who can help you to navigate through the mire of ever-changing regulations with consistent regularity.
Feel free to contact our Colorado Springs Realtors at Selley Group Real Estate, LLC:
2139 Chuckwagon Rd, Ste 210 - Colorado Springs, Colorado 80919 - 719. 598. 5101
Portions of this article are written by Gordon, as framed by the expressed opinions of Cherise, but not proofread.