So frustrated... HUD closing statement question need help.

[Anonymous]

Ok so I have been under contract sense 7/27/09 for a house, had an initial closing date of 8/25/09 and lender said that we have to wait 30 days from the date I signed the loan application which is 8/31/09.

So my question is I was told by my realtor yesterday when we did our final walk through that the title company must receive the HUD statement 7 days before we are allowed to close.  Basically in order to close on time they have to have the HUD statement for 7 days, she said this is a new rule that went into effect the first of August. 

Can anyone tell me if they have heard about this or not and if this is true?  I haven't been able to contact my LO today and my realtor called title company and they still have not received it yet.

Any help would be appreciated, of course we had to sign an extension to our contract for an additional week, again lender is saying closing will be on 8/31/09.

[Anonymous]

As of july 30th 2009 new rules went into effect. HERA-MDIA.

I think there are still a lot of questions about how to apply these rules.

I've just spoke to my LO and I'll receive my HUD-1 and the final GFE within the next 2 days. We are set to close 08/31.

This is what I've found so far.

An increase of more than .125% in the Annual Percentage Rate (APR) from the initial Truth in Lending disclosure (TIL) requires the TIL disclosure to be revised and reissued to the borrower. The borrower must receive a revised TIL disclosure at least 3 business days before closing, providing the borrower with the time required to determine if the borrower is comfortable with his or her loan choice. Again, the TIL disclosure is considered “received” 3 business days after mailing.

I've also read about the 30 days rule but it is nor affecting jusr certain type of loans.

I hope one of the "big guy" will give us more info.

[Anonymous]

I've found more info here

http://www.topofmind.com/blog/index.php/2009/07/confessions-of-a-contract-processor-hera-leaving-you...

Laz

[Anonymous]

I think I received the TIL a couple of weeks ago and I received the apprasial docs the beginning of last week.  So now I am confused, so from the article it seems to suggest that so long as the APR does not increase and I have the TIL and apprasial then I should be able to close without waiting for 7 days.

I am so confused, my lender has never said anything about this it was my realtor who mentioned it.  If it matters I am going FHA.

[Anonymous]

I think you are good on the 7 days waiting period but you have to have 30 days between contract and closing. Probably that's the reason why they push your date out.At least you'll pay less at closing.

Laz

[Anonymous]

Update!!!!

I closed on Monday and it was really easy (the title office) however I had the worst LO ever, had to get BM involved and got it done so we were only 1 week late.  Anyways all is good, got the keys on Monday, builder signed the papers on Tuesday and the loan should be funded now or very soon. 

Just want to make sure that once I close and signed all the papers at the title company, got the keys and the garage door openers etc and the builder signed all the papers then I am done?  I can go refinance my car now?

Just seemed like the easiest thing in the whole loan process and seemed to easy.  Just looking for reassurance, we already moved some stuff in and got the new Fridge delivered today.

[Anonymous]

If you signed papers and received keys -- well, breathe, okay?! If there's a hitch now, I suspect somebody else is going to catch Hell for it, not you.

[ShanetheMortgageMan]

You are a homeowner now, congrats!