RESPA

Does anyone know if there’s a mandatory 10-day waiting period before a closing even if all the finances are in place? Asking for a friend.

Arkady

in General Discussion 6 years and 2 months ago

7

Please log in, in order to post replies!

7 replies

Newest Oldest

adam_dahill | 6 years and 2 months ago

string(1) "1"
object(WP_User)#4958 (8) {
  ["data"]=>
  object(stdClass)#4946 (12) {
    ["ID"]=>
    string(6) "176783"
    ["user_login"]=>
    string(11) "adam_dahill"
    ["user_pass"]=>
    string(34) "$P$BVbT/.9EbE6MTZNRIO4K4/iGsGDl3l0"
    ["user_nicename"]=>
    string(11) "adam_dahill"
    ["user_email"]=>
    string(20) "adamdahill@gmail.com"
    ["user_url"]=>
    string(39) "https://www.mortgagemaster.com/adahill/"
    ["user_registered"]=>
    string(19) "2013-06-24 16:57:52"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(11) "adam_dahill"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(176783)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

She’s likely referring to TRID, https://www.consumerfinance.gov/policy-compliance/guidance/tila-respa-disclosure-rule/
You have to receive and acknowledge the prelim closing disclosure at least 3 business days before the closing date. Some old school banks mail the closing disclosure (instead of esign)and they require 10 days for the mail to arrive.

-Adam Dahill
Citizens Bank
Adam.Dahill@CitizensBank.com

yudashasom | 6 years and 2 months ago

string(1) "1"
object(WP_User)#4957 (8) {
  ["data"]=>
  object(stdClass)#4956 (12) {
    ["ID"]=>
    string(6) "194528"
    ["user_login"]=>
    string(10) "yudashasom"
    ["user_pass"]=>
    string(34) "$P$BKrcOOJj2qysH3kdOE3mMqxeyqPZ1m0"
    ["user_nicename"]=>
    string(10) "yudashasom"
    ["user_email"]=>
    string(20) "yudashasom@gmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 14:07:32"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(29) "Dasha Sominski Dasha Sominski"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(194528)
  ["caps"]=>
  array(1) {
    ["subscriber"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(10) "subscriber"
  }
  ["allcaps"]=>
  array(3) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

AFAIK theres a three day disclose before closing, and then three day right of recision after closing. This does not apply to all loans or property types however.

mozeeatupu | 6 years and 2 months ago

string(1) "1"
object(WP_User)#4953 (8) {
  ["data"]=>
  object(stdClass)#4959 (12) {
    ["ID"]=>
    string(6) "176749"
    ["user_login"]=>
    string(10) "mozeeatupu"
    ["user_pass"]=>
    string(34) "$P$BHO3bQekVGtCrXmPMzpkzkalt5eAQl/"
    ["user_nicename"]=>
    string(10) "mozeeatupu"
    ["user_email"]=>
    string(17) "grandzu@yahoo.com"
    ["user_url"]=>
    string(25) "/forums/users/mozeeatupu/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:25:47"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(10) "mozeeatupu"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(176749)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

If you mean the FTC rule, it doesn’t apply to real estate.

Arkady | 6 years and 2 months ago

string(1) "1"
object(WP_User)#4958 (8) {
  ["data"]=>
  object(stdClass)#4960 (12) {
    ["ID"]=>
    string(5) "14677"
    ["user_login"]=>
    string(6) "Arkady"
    ["user_pass"]=>
    string(34) "$P$BSLpIhH1FLNbV2Qdpb/F67tu7brrgw1"
    ["user_nicename"]=>
    string(6) "Arkady"
    ["user_email"]=>
    string(20) "rkdillon@verizon.net"
    ["user_url"]=>
    string(21) "/forums/users/arkady/"
    ["user_registered"]=>
    string(19) "2008-08-04 21:50:38"
    ["user_activation_key"]=>
    string(20) "HL9P1Plx6tnm1l8GiJvd"
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(6) "Arkady"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(14677)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

No, it’s actually a fed mandate evidently.

mozeeatupu | 6 years and 2 months ago

string(1) "1"
object(WP_User)#4957 (8) {
  ["data"]=>
  object(stdClass)#4961 (12) {
    ["ID"]=>
    string(6) "176749"
    ["user_login"]=>
    string(10) "mozeeatupu"
    ["user_pass"]=>
    string(34) "$P$BHO3bQekVGtCrXmPMzpkzkalt5eAQl/"
    ["user_nicename"]=>
    string(10) "mozeeatupu"
    ["user_email"]=>
    string(17) "grandzu@yahoo.com"
    ["user_url"]=>
    string(25) "/forums/users/mozeeatupu/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:25:47"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(10) "mozeeatupu"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(176749)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

I thought the three day cooling off period for real estate was a myth, not an actual thing

slopefarm | 6 years and 2 months ago

string(1) "1"
object(WP_User)#4960 (8) {
  ["data"]=>
  object(stdClass)#4953 (12) {
    ["ID"]=>
    string(3) "655"
    ["user_login"]=>
    string(9) "slopefarm"
    ["user_pass"]=>
    string(34) "$P$BK7dzbqXJe9TV6iU0glcNZiXdOt9CR1"
    ["user_nicename"]=>
    string(9) "slopefarm"
    ["user_email"]=>
    string(18) "jrubin@law.nyc.gov"
    ["user_url"]=>
    string(24) "/forums/users/slopefarm/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:11:42"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "slopefarm"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(655)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

I thought the three day rule was after closing – essentially a right to change your mind.

yudashasom | 6 years and 2 months ago

string(1) "1"
object(WP_User)#4961 (8) {
  ["data"]=>
  object(stdClass)#4958 (12) {
    ["ID"]=>
    string(6) "194528"
    ["user_login"]=>
    string(10) "yudashasom"
    ["user_pass"]=>
    string(34) "$P$BKrcOOJj2qysH3kdOE3mMqxeyqPZ1m0"
    ["user_nicename"]=>
    string(10) "yudashasom"
    ["user_email"]=>
    string(20) "yudashasom@gmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 14:07:32"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(29) "Dasha Sominski Dasha Sominski"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(194528)
  ["caps"]=>
  array(1) {
    ["subscriber"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(10) "subscriber"
  }
  ["allcaps"]=>
  array(3) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

I know of a three day rule.. not 10.