Florida Title and Escrow Services

New 2009 RESPA rules may have an effect on some sort of investors, and lenders, and borrowers, and purchasers. These changes took effect July 30, 2009.

1. The earliest any home purchase can close is 7 days after the home buyer is issued their initial mortgage disclosures from the lender.

2. Upfront fees can not be collected by the lender (except for purchasing credit reports) until the initial disclosures are received.

3. The Homebuyer MUST be issued a copy of their appraisal 3 days prior to closing. But, the Homebuyer may waive this requirement in writing.

4. Any increase of more than .125% in the Annual Percentage Rate from the initial truth in lending disclosures requires that the truth in lending statement (TIL) be revised and reissued to the homebuyer 3 days prior to closing.

Now it is important to make sure all fees and rates are up front, or it can cause a 3 day delay in closing! Great news for buyers.

What impacts the APR?

These new restrictions help the homebuyer get the best information possible, and the most for their credit.


Tidal Title LLC. Funny name, Fast closings. Your Jacksonville Title Company