Rental Property Investor · Geneva, NY · Member since 2015 · 65 posts · 17 votes
I am out of the country until Sunday, and they are saying I need to sign a new disclosure. Apparently there is a rule that it needs to be 14 days beginning signing the disclosure and closing day, is there anyway to get around it? Does any loan officer familiar with this rule?
Ask your loan officer to send it to you to esign. This should not be a problem. Due to TRID (Truth in Lending Act/ Real Estate Settlement Procedure Act/ Integrated Disclosure Rule) there are required timelines for signing certain documents. This is meant to protect the buyer although sometimes it can become a nuisance. I just had a closing move from 2/27 to 3/3 because a client had not signed a specific document that is require by law to be signed at least 2 days prior to closing. It should be fine to electronically sign it, but yes you do have to sign it.
I don't have the ability to print and scan it and send it back until Monday. Any way to get around the 14 days between the signing and the closing. The bank I am working with doesn't have e-signing.
I scanned an emailed back the commitment letter and the other documents, Can we schedule a closing without having proof of Home owner's Insurence? I'm paying for it Monday, I just want the closing scheduled.
@Benjamin Allen - I closed on a property when I was out of the country. I had to go to the American Consulate to sign.
You can schedule a closing anytime, they just won't actually close until they have the required info in hand. I don't recall needing to provide anything more than the policy number and they take care of the rest.
Whenever a lender cites 'compliance,' it's safe to assume it's not something you can negotiate over, as no one is going to risk a $5m CFPB fine just for one particular transaction. Further, compliance will not negotiate with the consumer -- you're getting the "consumer protection" like it or not.
Best bet is to just do it.
Most countries on this planet have Internet Cafes, if it doesn't need to be notarized.
For folks that find the current regulatory regime frustrating, I'd encourage you to write your elected representatives!