My lease is expiring and I’m desperately trying to schedule my closing for the earliest possible date, but my mortgage banker is telling me that the earliest I can close is 10 days from now. Why can’t I close tomorrow?
If you applied for your residential loan on or after October 3, 2015, then the loan is subject to new regulations which require that final closing figures are communicated to the borrower at least 3 days prior to closing. To comply with these regulations, many lenders require receipt of final closing figures at least 10 days prior to the scheduled closing. This may be further delayed because in New York, we often rely on several parties to provide closing figures. For better or worse, the logistics and delays created by these new regulations must be considered when planning the scheduling of the closing.
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