Tulsa Mortgage : Podcast 164
Tulsa Mortgage This is Steve Currington dot com and the Steven Tyler show episode number 164.
Steven Tyler with Steve Curry Tom and Tyler while. Negotiating partner. Is. Very smart.
Good for you that they’re talking about you. No. One. Knows what it is like to get ready. Here’s Steve.
YOLO. Steve Currington dot com here. In the box the rocks and Jinx America.
With Tyler Steven Tyler. That’s me and him. Me and Tyler talking today. About closing the sculpture’s. Now some might say what is a closing disclosure. Well some people used to call it a hard one. Or a good. Or a good statement. What else do they call it a.
Tulsa Mortgage Toy that closes the document. Hey that document at the end when it has all the numbers.
Listen my little pet peeve. OK. Teller can I share this. I don’t want to offend anybody but my little pet peeve. If you’re a real estate agent and you’re listening to this podcast and you’re still calling the closing disclosure a HUD. Get out of the real estate business. That’s what I would recommend you do because you clearly. Have not sold any houses. In at least a couple of years. Because your ears deal. Referring to a document that no longer exists. Does that horse. Tell.
Tulsa Mortgage No I think it’s fair you know what I’m saying though it’s like hey like stop calling it a hood. It’s not a hood. It’s not a hood. It hasn’t even been a HUD. For a long time. Like. 2000. I mean it’s been two years. At least. And people are still calling it a hard one. It’s not a bad one. No it’s not a HUD doesn’t exist anymore.
All you’re doing when you’re referring I’m just telling you if you’re listening if you’re a loan officer and you’re watching and you’re calling it one on one all you’re doing is showing your ignorance like you’re showing me and anyone else that’s listening that does know maybe your customer that you don’t know what you’re talking about. That you are not well trained. Because if you were well trained you would know that it’s called a closing school or. A CD. Now. There is a thing. Tyler can you tell me what an LP is the loan instrument. Can you tell me what a GFP is good faith estimate. Can you tell me the difference between a ele and a GFP. Not a ton. OK. They just change the name. OK. They changed it around. They call it a low estimate and Ellie instead of a jiffy. Got it. Now. Instead of a hot one. They call it a CD. So instead of a HUD It’s called a CD. Set of an HD it’s called a CD. See that H you d CD. HUD 1 CD. Now it’s called a CD. So a closing disclosure. Now. What. Tyler is the difference between a loan estimate or an LP and a.
CD or closing it’s called the CD is everything’s final and these are all the in numbers.
Tulsa Mortgage But physically what is the difference in the appearance of the two of them. Not much. Nothing absolutely not material nothing except the one of them says closing disclosure and one of them says lonesome. It’s exactly the same document. It’s the one time in American history that the government got it right in my hand. Now. I still don’t like the loan estimate. I don’t like the closing disclosure. I don’t believe that it explains to the client as well as a actual fee worksheet does you know it doesn’t detail it out. Because the idea is for the customer to understand. So that’s a whole nother story. OK. That is a whole other deal. That’s like a whole other podcast whether we agree with how they set up. But the thing that they did do right is they made the loan estimate in the closing schools look exactly the same some of the time the client gets to closing. They’ve already seen the loan estimate at least once sometimes even twice because if something happened right like we were disclosed initially with the loan estimate and then we locked their loan then they get another loan estimate because it gives them their total breakdown of everything. Right now the customer recognizes it and what’s good about someone recognizing something. Sam What would be good for you about something. Many recognize the same can’t save because he doesn’t have. I confront him but that would be good that you recognize that. It’s like I always say but what’s great about having cash.
Having it. What’s great about recognizing something. Recognizing it so it makes the process. Or process. Better. Right. Does the client understands like they see oh yeah I remember that. Tyler that’s a low estimate. Nope it’s called the closing discussion now sir. Oh why.
It’s the same document. Why.
Tulsa Mortgage I know it is basically exactly the same document the differences as Tyler mentioned earlier. It’s just final like the final document. It has all the final numbers. Here’s what’s cool about the closing disclosure and here’s the other part of it that I think he got it right. Because there used to be a day. Tyler remember this. When they called it a good faith estimate. Or a HUD one. For you ancient realtors that still call it that people would get to the closing table and they would sign half of their loan documents and then someone would roll in with the HUD one. Because it took the lender that long to get done. It’s like at the last minute. And then here’s what happened because a lot of lenders this was their strategy. Hey. Tyler. And I have to tell you this but. We were off. A little bit on some things like we saw had your insurance in there as like twelve hundred a year and it’s actually like.
Two thousand a year which changed your payment also changed your. That’s gross. And your closing cost and I didn’t know about your home inspection that was five hundred dollars.
And I inadvertently showed the appraisal already being paid for even though you didn’t pay for it up front.
Tulsa Mortgage So I know that you were prepared to bring 3.5 percent or three thousand five hundred twenty dollars. But you’re actually going to bring 6000. Right today. Lawyer you’re saying Yeah like I’m not positive and then people like what. And so then the lender spends the next 20 30 minutes hour or however long it takes going through in detail and explaining all the stuff which by the way had nothing to do with the lender if you ask him. These are third party fees man. I mean he said the same you know. Well what do you think happened there. Tyler somebody did a bad job of estimating. Right. So. The closing disclosure here is the million. This is like worth the price of admission. Here’s what’s great now. Guess what happens.
You get a closing disclosure. It has to go out by law has to go out. Three days before you close.
Tulsa Mortgage That’s annoying. No it isn’t. It’s great if you’re super. It’s awesome. There’s there’s something that’s awesome about it there’s something completely stupid about or complain about them. So it’s awesome because. We have to have that closing disclosure prepared three days before a close and we have to verify that you’ve received it and reviewed it. So if you want to close on Thursday talo what does the city have to go up Monday. If you want to close on Friday when it has got to today I want to close on Monday. It has to go out by Thursday or Wednesday because it goes Wednesday Thursday Friday. Because that Wednesday Wednesday Thursday Friday you can close Monday not Saturday. If it goes out Thursday then it’s Thursday Friday Saturday because Saturday still counts as a business day even though you can’t really close on a Saturday because companies aren’t open they can’t record the deal. That kind of thing. So Thursday Friday Saturday can close Monday so whether the city goes on on Wednesday or goes on Thursday you’re still going to close on Monday. But here’s the cool thing is now you know like all your numbers are there. Here’s the stupid thing. It can still change. But not very much. You know there’s certain things that qualify as a change to that. Like for example if there’s a legitimate light charge like it’s a home inspection or a what. That was just not on there that needs to be on there. Maybe your realtor has a contract with you that you have to pay a transaction fee for 200 bucks.
Tulsa Mortgage That can get added. So things can change a little bit but the meat potatoes of everything your interest rate your loan your all your lender cost. Title Company fees. All that stuff that doesn’t change nothing can change.
You can have like a fee added which is like something you already agreed to pay for. That we put on there. But for the most part nothing is going to really change.
In fact ninety nine percent of nothing changes I mean like literally no penny changes it’s exactly the same. So they have three days to prepare. So then if your lender the lender can’t do a surprise at the closing table.
Came in you’re bringing double We I thought you could but that doesn’t happen anymore.
It can’t happen because if you get to closing and you’re bringing $3000 more than you thought you were bringing you knew about it three days ago. That’s a cool thing right Tony. Yes the cool thing about closing it. So here’s where they got it right. They got it right when they made the loan estimate.
Tulsa Mortgage Match the CD. It’s the same doctor it does change the name of Toppo. And they got it right when they said it’s a good idea for the consumer to get it through this foreclosing. That’s what is causing this culture is homeys.
Tulsa Mortgage Broadcasting live from the koala’s studios in Tulsa Oklahoma. You’re listening to the Steven Tyler show