There's a new law in effect effective NOW that all banks, credit unions and lenders must follow. If anything changes on a loan (rate, closing costs, fees) that affects the APR, we are required to get all new disclosures signed by a borrower. Now this may sound simple, but if something were to change right before closing that affects the APR, the closing can not take place until 6 working days AFTER the borrower receives the new disclosures. Saturdays, Sundays and Holidays do not count toward this. So, last minute changes can really screw up closing dates.
Help me explain to sellers a closing date it just a target date, and the actual closing is hard to set up till the loan is fully approved. Appraisals are causing huge problems right now.
I'll keep you posted!
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