Impact of the New Mortgage Disclosure Regulations

Is your Management Company prepared to provide this Additional Loan Estimate Disclosure? Can you provide the information within the required 3 day timeframe?

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In response to the 2007 mortgage crisis new federal regulations recently took effect. In an attempt to address issues regarding confusing loan estimates and unqualified purchasers, mortgage lenders will be required to deliver written disclosures to prospective purchasers. These will have to be provided to the consumer within three business days from completion of a loan application. The regulations allow for something called a “best information standard” which means the mortgage lender does not have to guarantee the accuracy of the amounts as they do with a typical loan disclosure document. This standard is important when considering the possible difficulty in obtaining the current figures quickly from a Management Company or a self-managed association.

Your ReadyRESALE software makes this easy and opens a new income stream for your Management Company or Association!

  • Sell this new type of Document via your ReadyRESALE Application.
  • Simple setup! No Set-up or Maintenance fees!
  • Automate the process.
  • Use our template for quick turnaround.
  • Make additional $$$ on this document for every loan application - Not just closings.

Make additional money off this new regulation and make your buyers happy at the same time. It’s a WIN, WIN. WIN for all the parties involved.

Contact AssociationREADY Support to get set up and open the new income stream.

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"Setting up a system through ReadyResale for handling HOA assessment disclosure requests from mortgage lenders has provided a process for quick response, while making it easier to monetize our services by requiring upfront payment."

Michael Rome, Esq., Rome & Associates, PC