The mortgage industry is undergoing many changes to help provide home buyers with better information regarding financing a home.  These new regulations are for the protection of the buyer however they could impact the closing date for both buyer and seller.   Three new acts were passed as part of the HOEPA (Home Ownership and Equity Protection Act) and HERA (Housing and Economic Recovery Act) and HVCC  (Home Valuation Code of Conduct) in 2008.

Effective May 1, 2009 the Home Valuation Code of Conduct (HVCC) is now in place.  The purpose of HVCC is to promote the accuracy of appraisals by shielding appraisers from undue influence and ensuring that borrowers have sufficient notice of appraisal content by requiring that borrowers receive a copy of their appraisal reports no less than three days prior to the closing of their loan unless the borrower waives this requirement in writing.

Effective July, 30, 2009 HERA amends the Truth in Lending Act (TIL).  These changes add a number of provisions including the Mortgage Disclosure Improvement Act, which changes the Truth in Lending Act requirements regarding early and final disclosures to home buyers and addresses the timing of when fees for items such as appraisals can be charged. 

Consult your Real Estate agent for more information regarding these changes and the potential impact that they may have on your closing date.