Home Buying in 97008>Question Details

Susie, Home Buyer in 80528

Review of loan documents before closing

Asked by Susie, 80528 Tue Feb 2, 2010

Is there any law/regulation that requires that a lender provide all loan documentation at least 1 day before the closing ? Otherwise one is faced with huge documents with small print with all the terms and conditions and expected to "review" them before having to sign them at closing. I am not asking about the HUD-1 form. Thanks.

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4
Thanks for the replies. I was hoping that a buyer gets a chance to review all terms and conditions ahead of time, not under the gun at closing.....
0 votes Thank Flag Link Wed Feb 3, 2010
Nope. In fact - by the time docs get to title, everyone is usually scrambling to get them signed and back to the lender ASAP. Most Funders require that they have all the signed docs back for 24-48 hours to review before they will release funds to record and in most instances the docs need to be overnighted back to the lender - which takes time as well. Not too many instances anymore where docs get to title ahead of schedule enough to allow anyone much time to do anything but get them put together and round everyone up to sign them and then quickly package them up and ship them out again. That's why I always highly recommend using a loan officer that you can count on to do a great job and that you can trust.

Kelly Gebler, Broker
Your Nines Team @ Keller Williams Realty
0 votes Thank Flag Link Tue Feb 2, 2010
I tell you what Susie. Just refuse to do a last minute signing. Wait until the Docs come in and ask for a copy to be made. Either go in and review at the Title Plant the day before or take them home and review.

Check the APR Clacs, the Prepayment issues, the rate, the Cost sheet.... yes I agree with Marvin who I have not seen in Years but who is one of the if not the most knowledgeable guy I ever crossed paths with. Glad to see you on here Marv!!!

Anyway... Susie read the docs and refuse to close if the terms are wrong. The majority of people just sign as they are overwhelming at best.

Good Luck!

Dirk Knudsen
Broker
Re/max Metro Gold
Web Reference: http://www.theknudsens.com
0 votes Thank Flag Link Tue Feb 2, 2010
Susie, if you want to hear anything regarding mortgages straight from the horses mouths, go to a website designed for mortgage brokers and bankers. Its usually just for talk among themselves but they do answer questions. You have to register but you can use a pretend screen name. http://mortgagegrapevine.com/

Disclosure laws have changed so radically this year that we mortgage brokers are having difficulty staying abreast. Any time the government starts playing with rules for something about which they are mostly ignorant, no one wins. I am unable to directly answer your question because I took 6 months off (after 30 years in the biz) and am just now coming back to sort new laws out and see what new plans are going to harm borrowers instead of helping them.


Marvin Von Renchler, Tigard
0 votes Thank Flag Link Tue Feb 2, 2010
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