Wednesday, June 24, 2015

New Mortgage Regulations Put Off Until October

Perhaps in a rare admission that what they are about to do will cause havoc, the Federal government has announced that the new proposed regulations affecting real estate closings will be postponed from August til October.  As far as we can tell,  most closings will be harder to schedule and more likely to be delayed, since any change at all to the documents will require a three-day waiting period, each time something is altered.  This means, in all practicality, that there will be no back-to-back closings, where people sell one house and buy another.  That means no moving from the old home to the new in many cases--a major glitch for lots of families. 

What does the delay mean for you?  You have two more months to get into the pipeline for a mortgage under the old rules.  So hurry up!