The Borrowers' Right to Inspect Closing Documents Act of 2009 H.R. 4229 is currently in the House Finance Committee for Review.
But it brings a HUGE question to mind:
"Are we ready to make mortgage lending so precise that we can meet 8 different disclosure dates within each transaction?"
THREE DAYS BEFORE CLOSING??? Mandatory? Seriously?!?!
Maybe this is another job creation effort by Congress? Most mortgage companies are so lean, that in order to meet Realtor expectations of closing in 20/30 days (or less), almost ALL mortgage companies would need to hire an extra person for every 10 transactions (IMHO)... or maybe we just need to get REALLY efficient?
I'm trying to figure out where those 3 days are going to come from! I just made a list of places that might be spots in our office where we might be able to squeeze a few hours -but for the most part underwriting is what sucks up time. And if you think about the fact that an underwriter can only really look at a new loan every 45 minutes to an hour - you can see why it takes a while to get through there...
I don't know how we will all change systems to adjust to this latest twist (if it passes) - but I can tell you this much about Mortgage Lending in 2009 and 2010...
Mortgage Lenders deserve an AWARD for being the most flexible industry on the PLANET!