June 12 class on what you must know about new changes to the residential closing process. Class at Scottsdale Area Association of REALTORS.

What percentage of residential closings will be effected by the new rules? If the new rules had been in effect in May 2015, 76% or 5,627 of the 7,398 ARMLS residential closings in Maricopa County. Seventy-six percent is the number of closings in which a buyer purchased a property with either a conventional, FHA, VA or FMHA loan. All these loan types fall under the August 1 rules. Two loan types that are not included under the new rules are reverse mortgages, and home equity lines of credit also known as HELOCS.

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Some of the topics we will discuss are what your buyers and sellers should know about the new closing process.  How the new closing process will influence contract writing.  We will use scenarios.  We will discuss why did a representative from the National Association of REALTORS say that real estate agents may want to add fifteen days to the close of escrow.  What your sellers and buyers needs to know about the title insurance, the Closing Disclosure and AAR Residential Resale Real Estate Purchase Contract.  Did you know a new contract is coming out this summer.  What might change?      

  Some terminology you will need to know

  • The Closing Disclosure
  • The Delivery Period
  • The Waiting Period
  • Business days versus calendar days
  • Consummation
  • Why the amount of the owner’s title insurance policy and the lender’s title insurance policy shown on the Closing Disclosure may be different than what the buyer and seller actually pay

Fletcher R. Wilcox

CFPB External Operations Expert

V.P. Business Development and author of www.TheWilcoxReport.com

Grand Canyon Title Agency is a wholly owned subsidiary of Fidelity National Financial (FNF).  FNF is ranked number 316 on the list of Fortune 500 companies.

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