Annapolis Md Homes and More: Martha Brown, Your Homes Around Annapolis Agent (Long & Foster Real Estate, Inc., Annapolis MD 21403)

My Last Settlement BEFORE The Rules Change- Oh MY!!!

My Last Settlement BEFORE The Rules Change- Oh MY!!!

Interesting, interesting. I just finished my last settlement before the RULES change. What rules you may ask? The TIL rules.

TIL or Truth in Lending will be forever changed come the end of this month but I have been hearing from the lenders and title companies that I deal with that most of them are instituting them at the beginning of this month. Why wait for the inevitable they are saying. So basically this is what the rule is saying:

In any case in which the disclosure statement under

subparagraph (A) contains an annual percentage rate of interest

that is no longer accurate, as determined under section 107(c),

the creditor shall furnish an additional, corrected statement

to the borrower, not later than 3 business days before the

date of consummation of the transaction.


This means that if any changes are made one, two, three, four days before closing then the closing will have to be pushed back a few days. The changes HERA is talking about are outlined below. Courtesy of Ann Burke of Prosperity Mortgage.

HERA-HOEPA Disclosures Fees and Loan Data that Impact the APR 1 Last updated 4/20/09    

Government Recording & Transfer Charges Lender Fees
GA Residential Mortgage Loan Fee Application Fee
Recording Fee-Assignment Assumption Fee
Recording Fee-Misc. Commitment Fee
Recording Fee - Modification Construction Disbursement Fee
Recording Fee - Subordination Agreement Discount Points
3rd Party Fees Escrow Waiver Fee
Automated Valuation Extended Lock Fee
Bond Compliance Review Fee Float Option/Return to Float
Bond Document Fee Lock In Fee
Bond funding Modification Fee
Bond Investor Market Fee Mortgage Broker Compensation
Bond Loan Adjuster Fee Origination Fee
Bond Loan Review Fee Processing Fee
Bond Partic/Commit/Reserv Rate Lock Extension Fee
Bond Underwriting Fee Supplemental Origination (Reno)
Broker Compensation Fee Underwriting Fee
Consultant/Plan Review Work Escrow/Holdback Fee
Courier/Messenger 3rd Party Title/Closing/Settlement Fees
EDD to 3rd Party Attorney's Fee
Fax/Copies/Postage 3rd Party CIP / Patriot Act Search
Final Inspection Closing/Escrow/Settlement Fee
Flood (Life of Loan) Closing Protection / Service Letter
HOA Certification Fee Conventional Mortgage Insurance
Home Warranty Document Review to 3rd Party
Homebuyer Couns/Educ Fee Escrow / Loan Tie In Fee
Mortgage Insurance Application Fee PMI / MIP
NHS Origination Fee Recording Service-Title Co.
Processing Fee 3rd Party Servicing Fee
Program Fee - Bond/3rd Party Fee Sub-Escrow Fee
Re-Draw/Cance-3rd Party Fee Temporary Buydown
Reconveyance Fee Trust Review
Release Fee/Satisfaction TX Policy Guaranty Fee
Rural Housing Guarantee Upfront Mortgage Insurance
Tax Service Fee VA Funding Fee
Transfer Fee Work Escrow / Escrow Holdback Fee
Underwriting Fee 3rd Party Loan Data
Verification Fee Per Diem Interest
WHEDA MPI Plan Loan Amount
Wire Transfer 3rd Party Interest Rate
Product - including Home Equity Loan

 As you can see from the list there are many items on it that I, as an agent, could be impacted by. Case in point. A home warranty is being paid by the Seller, the Buyer or even by an agent but is forgotten until the last minute. Oops. This means a change in the TIL and in turn a change in the waiting period until settlement. Problems at walk through before settlement. Oops. No credit changes on HUD from Seller to Buyer, No monies changing hand at the table either. Yikes.

In other words we all need to be sure we have everything in place way ahead of time. Walk throughs may have to be done twice on some occasions. All paperwork needs to be to the settlement company from all parties before the clock starts ticking and the 'NO GO ZONE is entered.

Now more than ever, we need to ALL work together to ensure a smooth settlement. Interaction between Buyers, Sellers, Agents, lender and settlement company needs to be open and NON ADVERSARY.

Cause when the clock starts ticking it makes no difference who's fault it is, settlement WILL NOT happen without the proper 3 day TIL in place.



About the Author Martha Brown- As a third generation Annapolitan I love to write about my experiences in and out of the real estate market. Licensed since 1992 all with Long & Foster I am a Certified Residential Specialist (CRS) and a Seller Representation Specialist (SRS) whose passion is homes in the Annapolis MD area and surrounding communities. My goal is to help my clients understand the real estate market and to then make sound real estate decisions. 


Martha can be reached  at 410-260-2800 ofc or

When searching for Annapolis area homes for sale

there is no better place than


Have a real estate question?? 

 Ask Martha


         Bringing 'Peace of Mind' since 1992                  
All Photographs and/or written material and content produced by Martha Brown. All Rights Reserved and may not be reproduced or reprinted without express written permission of

Martha Brown of Long & Foster Real Estate.

320 Sixth Street

Annapolis, MD 21403

410-260-2800 office

410-440-7839 cell/text  

L&F LOgo



Comment balloon 4 commentsMartha Brown • July 01 2009 03:18PM
My Last Settlement BEFORE The Rules Change- Oh MY!!!
My Last Settlement BEFORE The Rules Change- Oh MY!!! Interesting, interesting. I just finished my last settlement before the RULES change. What rules you may ask? The TIL rules. TIL or Truth in Lending will be forever changed come the… more
LOL Friday- The Bottle of Wine
For all of us who are married, were married, wish you were married, or wish you weren't married, this is something to smile about the next time you see a bottle of wine Sally was driving home from one of her business trips in Northern… more
2808 Brewster Rd in Waldorf MD
Martha Brown | Long & Foster Real Estate, Inc. | 410-440-7839 2808 Brewster Rd, Waldorf, MD JUST LIKE MOVING INTO NEW CONSTRUCTION. EVRYTHING UPDATED DOWN TO THE DOOR KNOBS!! 4BR/2BA Single Family House offered at $310, 000 Year… more
14500 Elm St. Upper Marlboro Federal Period Beauty
Martha Brown | Long & Foster Real Estate, Inc. | 410-440-7839 14500 Elm St, Upper Marlboro, MD Remarkable 1850's Federal style home that has been beautifully blended with the 21st century. 4BR/3. 5BA Single Family House offered at $425… more
1055 Carbondale Way- A Beautiful Place to Call Home
Martha Brown | Long & Foster Real Estate, Inc. | 410-440-7839 1055 Carbondale Way, Gambrills, MD One of the lucky few that has a private deck overlooking beautiful open space. 4BR/2. 5BA Townhouse offered at $339, 000 Year Built 2002… more
A Recession Is A Terrible Thing To Waste
A Recession Is A Terrible Thing To Waste You hear it everywhere. Rates are the best they have been in, gosh, forever, home prices are way down and bargains are everywhere. And inventory is really high so home options are huge. And finally… more
Does Your Home Pass The Numbers Crunch Phenomenon??
I don't know if you have noticed it yet but something wonderful is happening right here in Annapolis and it seems to be spreading. I know I sure have. But again, I tend to notice things like this from being a Realtor right here in the Annapolis… more
Wordless Wednesday- Feathered Friend
Photo Property of MARTHA BROWN. All Rights Reserved. more
So, By Golly, I'm Putting On My Dancing Shoes and Getting Out There…
I had one of those crazy weekends where when it was all over I had to sit down and figure out what the heck happened. Besides, I wanted to pinch myself to make sure it was real. You see, it all started a few weeks ago when I presented to two… more
Speechless Sunday… A Smile is a Priceless Gift
This past Saturday my husband's fishing club took some of our wounded serviceman out on the Potomac River for a day of cat fishing. There were 12 boats in all and a serviceman or woman for each. Out of all the photos my husband took the following… more