Start Discussing Closing/Signing Date Waiting Periods with Borrowers and Real Estate Agents

As you know, new government regulations go into effect on July 30th that mandate certain waiting periods for Initial TIL reviews, Final TIL reviews, closing dates and fee collection practices. The Gemstone platform will help AmTrust Clients and Closing Agents comply with Reg Z by restricting access to Gemstone Docs and Funds until the waiting periods have expired.

It is important that you begin discussing the implications of these regulatory changes with borrowers and real estate agents. In short, plan your closing/signing dates to comply with the new waiting periods. Please note that delays may occur due to re-disclosure requirements and subsequent waiting periods.

Important Effective Dates:

• All table funded transactions closing in either the AmTrust Client's name or AmTrust Bank's name, with an Initial AU Submission date on or after 07.26.09, will be subject to the new regulations.
• All warehouse funded transactions must comply with the new Regulation Z requirements if the original 1003 application is dated on or after 07.30.09.

With good planning and your commitment to the use of only the most accurate borrower, property, loan and settlement service fee information, the process will be easier for you and seamless to the borrower.