Our E-News Letter Click Here to Read Entire Letter
Changes to Settlement Documents and Procedures
You may have heard that the "sky is falling" over the changes to settlement documents and procedures coming August 1st. Fear not. Without going into specific, sometimes confusing, details, it is a positive change for the consumers. The documents lenders and settlement agents will be required to produce are easier to read and more straightforward than before. After a little time we are sure it will be "business as usual".
The whole idea behind the law was to help consumers understand clearly the costs associated with settling a real estate transaction and the actual cost of acquiring and paying a mortgage. The new required disclosures help make this information easier to understand. In addition, estimates given by lenders before closing can not be exceeded. If the actual costs exceed the disclosures from the lender, the consumer is protected against any "overages". It is easier to see the actual payments of a loan over time, and what the payments are going to, like principal, interest, taxes, and insurance.
Now, it's not all good news. There are more stringent time contingencies that must be followed. If the time restrictions are not met, settlement could be delayed. It will become even more important to have an experienced agent working with experienced settlement agents, and a lender that is prepared for the changes. That's where we come in. With the "team" of professionals we have worked with over the years, your future transactions should be just as easy as before, with more clarity for you. The changes in the law and procedures mean a lot more work for the lenders and settlement agents, with more benefit to the consumer. It looks like Congress may have gotten one thing right.
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On a personal note, we congratulate our eldest daughter, Callie Carnemark, who graduated from William and Mary Law School in May. She'll be staying in the area for at least another year, clerking for a Circuit Court Judge in Rockville come August. Between now and then, it's bar review...
Way to go Callie!
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From left to right: Eileen Nalls, Madeleine Carnemark, Callie Carnemark, Lottie Nalls, and Adele Carnemark.
Sincerely,
Barbara, Tom, Marc and Susan
Nalls Home Partners
