Wednesday, September 18, 2013

Compliance Issues Still Causing Delays in Closings

Compliance Issues Still Causing Delays
Assessing if a buyer has the income, funds, and credit needed to buy a home is never much of
an issue. Either the buyer fits into the qualification box or they don’t based on income or credit.
The biggest delays are caused by government mandated compliance issues. Anti-Money Laundering laws make it mandatory that all monies be tracked, verified, and sourced. Truth in Lending Laws require a blizzard of paperwork be generated and signed within a certain amount of
time and if the sales price, loan amount, or interest rate changes during the escrow then all the
paperwork has to be generated and signed again.

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