Upfront disclosures are the “meat and potatoes” of the Boise home loan that Boise home buyers are applying for. These disclosures are duplicates of the final Boise loan documents that the Boise home buyer will be signing at the end of the transaction.
For many years the disclosures where taken for granted and abused by lenders. What I mean by that is, the borrower was never given the opportunity to review and sign these critical documents at least 7 days prior to going to the closing table.
My wife has been an escrow officer for 20 years and would sign 10 to 15 transactions a day. She would come home from work and talk about the frustration of having to prepare the official loan documents, AND take an additional 15 to 20 minutes to have the home buyer sign the documents that were to be signed prior to the appointment.
Signing 2 sets of Boise loan documents on the same day defeats the whole purpose of upfront disclosures. Why does this happen? Lenders are often too lazy or “too busy” to bother. This is a huge disservice to home buyers. The home buyers are given no opportunity to ask questions and make any changes. Instead they are put in a “take or leave it” position. The moving truck was out front and they would lose the house and their deposit if they didn’t sign. The Idaho first time home buyers had no choice.
I would ask my wife, and other escrow officers, how often does this happen? They would say about half the time and it would usually be the same mortgage companies over and over. That is the way they did business.
Finally times have changed. As of August 1st, 2009 the new 3-7-3 rule has been put in place. The new rule means that the Idaho first time home buyer MUST have their upfront disclosures 3 days after their mortgage Boise loan application has been submitted. They must have these disclosures a minimum of 7 days before they can sign their final Boise loan documents. And if there are any changes to the loan terms, there is a 3 day waiting period before the home buyer can go to sign their final Boise loan documents.
It is the responsibility of ALL Boise loan officers to educate ALL home buyers. We need to be the ones who guide the next generation of Idaho first time home buyers. It is not only the right thing to do, but it will be one of the first steps in bringing some credibility back to our industry.
Please go to my Boise Idaho first time home buyer “Bill of Rights”.
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I purchased my last home 2 years ago in May. I was referred to our loan officer Craig Ballhagen through my father, Mike McLaughlin. I knew that if my Dad was willing to refer Craig, that he had already been through a thorough battery of questions and interrogations regarding his personal and professional integrity. It had also helped that I had already become aquainted with Craig as he had made many trips to our home to assist my parents in obtaining the correct paperwork and signatures for their loan.
Craig is a fantastic loan officer and I would highly recommend anyone considering his services to do so. He makes a process that can sometimes be filled with stress and anxiety look like a walk in the park.
Thanks again Craig,
Chad and Kristi Olson
Craig, I agree that this is a good thing for buyers. The challenge from an agent’s side is handling the contract time lines. Particularly when an appraisal can not be ordered until after the three day rescission period. I think it will put more pressure on the professionals to be even that much more on top of it in order to close escrow on the date indicated on the contract. Good information, thanks for posting.