So when you close a new mortgage loan, the lender has to deliver a Closing Disclosure (we call them CD's) to the home buyer at least 3 days prior to closing. Saturdays count in that. FEDERAL HOLIDAYS DO NOT COUNT.
So; anyone who was planning to close early next week, will now likely have their closing delayed by a day unless the lender happen to have gotten the CD out earlier. This will affect thousands of mortgage closings across the nation. I don't see this mentioned on any websites, but its 100% accurate. My company was scrambling to deal with it today. And friends at the largest mortgage lender in the nation who I know said the same thing. This needs to land at Biden's feet. Utter incompetence . No one saw this as as a negative side effect in the government?
But it will silently go down the rabbit hole, Biden likely won't be held accountable.People will just blame the lender as they do for almost any issue.
Bedbugs should be part of Disclosure.
It’s not a bug, it’s a feature. 🙃
Since only white people buy houses no one cares.
It’s a brand new federal holiday, should have been commemorated with great fanfare and celebration. The president ... or given his “condition” let the first black VP take the helm on this one, should have had some sort of nationally televised speech and a parade.
It’s the very first occurrence of the holiday. And it’s not like it sneaks up on you on a different day each year like Easter, and it wasn’t like the people who were pushing to get it implemented this year wouldn’t have been able to make the rollout happen smoothly... But they didn’t. They plopped it out and “enjoyed their long weekend” the very next day. Probably thousands of feds showed up to work this morning furious to find out that they didn’t have to come in. (Govvies get really mad when they don’t get everything coming to them).
On the surface, it’s just one day and a small mix up, but really though, this is not a small mix up, this goes to the basic competency of government to handle their business. It shows that the legislative process isn’t being coordinated effectively and the executive branch isn’t leading in the execution of government activities. Adults are not reliably in charge.
Our adversaries have taken note. I’m sure of it.
I was in the mortgage banking industry for 25 years. If you haven't learned to grow a thick skin by now, you're in the wrong career. Part of your job is to take the flak for the real estate agent and title company screw-ups. Part of the deal.
And don't expect the Biden regime to be competent because they are far from that. Your industry is professional. Biden's job is government. It's like the DMV.
Delayed loan closings is only one thing they didn't consider.
I didn't even hear about this new federal holiday, Juneteenth, until today and I don't even know what it stands for yet.
Is it like Kwanzaa? I still haven't figured that one out yet either.
I never even heard of JUNE-NINETEENTH until last week!!!
Regards,
Excellent point. But that’s just how Democrats do things.
They never think anything through. Because they don’t care.
It’s all about keeping power... by keeping their voters emotionally invested.
Even if they knew their last-minute decision might affect closings, they would shrug that off as nothing.
You should be renting anyway.
Who do you think you are?
Of course no one in the MSM is going to call out anything a Democrat does, unless they go against Marxist orthodoxy. And - you’re assuming that anyone, anyone at all, in the MSM is capable of even understanding the concept that you just laid out. I’m sure that number is zero, if not slightly less.