As many lenders struggle to keep transactions moving in a post-TRID world, Key Mortgage has adapted a new policy that takes a common sense approach: if a change doesn’t affect the buyer’s side or if it is to the buyer’s advantage, the one-day review period is waived. Unfortunately, some large mortgage companies are remaining conservative, delaying closings for even the smallest alterations.
“Once our industry stops worrying about getting sued, I think you’re going to see a lot more lenders adopt this policy to stay competitive,” said Steve DiMarco, president of Key Mortgage Services, Inc. “Our clients are looking to us to make their transaction go as smoothly as possible. This is just another way in which we lend our expertise to our partners.”
The Know Before You Owe regulation states that a buyer may request up to one day to review changes. The lending community has taken that to mean “one day” is required for each change. The buyer may still request a review period, but Key Mortgage will serve as the adviser to avoid any closing delays.
For more information, please contact a Key Mortgage loan officer.