There’s no question that there will be a lot of changes after Aug. 1, but it isn’t as bad as the media is making it out to be. You’ll just need a shift in your mindset.
“The No. 1 thing you can do to help your transactions go smoothly after Aug. 1 is to have a team you can trust,” said Steve DiMarco, president of Key Mortgage Services, Inc. “The more control you have over your deal, the fewer delays you’ll have along the way.”
Here are a few ways to ensure you’re ready for the changes:
Don’t blindly trust a preapproval.
One provision of this new rule change is the lender can no longer “require” borrowers to provide documentation to issue a preapproval letter. These letters may become more and more suspect; trust the letter issued by the PERSON, not the lender. Remember that you can always call the lender to find out more information about the quality of the buyer.
Always notify the lender of any changes.
If any changes are made to the contract after acceptance, notify the lender immediately so they can incorporate the changes. There are no alterations to the Closing Disclosure the day of closing.
Take control with your own real estate team.
Having a high level of comfort and trust in the parties involved in your transaction will make the entire process that much easier.
“No one cares more about your deal than Baird & Warner Title Services and Key Mortgage Services,” said Warren Habib, president of Baird & Warner Title Services. “We will be with you every step of the way, providing you with the control you need to create a seamless transaction.”
To contact a Key Mortgage Services loan expert, click here.