Want to sell your Tyler Home? Get a FREE home value reportWant to buy a Tyler Home? Search all homes for sale Today, Derrek Jones of Legacy Mortgage Group is here to discuss some changes in the lending world that might affect you!  In 2010, the Dodd-Frank Act was enacted to cleanup the mortgage crisis and with it came a lot of regulations that will go into effect soon. There are two main things you'll see: TRID: Here you'll see the loan estimate, which is much like the good-faith estimate. Closing disclosure: When the documents go to the title company, there is a mandatory 3-day waiting period before the loan can close. So, if you get your papers to the title company on a Monday, the title company cannot close the loan until the following Thursday.  The good news about the 3-day waiting period is you know exactly when you are going to close, so you can get everything ready while you wait. During that time, little corrections can be made to the closing statement. However, if your APR changed by more than 1/8, if a prepayment penalty is added, or if you change a significant part of your loan program, you trigger another 3-day waiting period.  If you have any questions about this new 3-day waiting period, or if you need real estate assistance of any kind, don't hesitate to reach out to us. If you would like expert lending advice from Derek, you can reach him at (903) 312-7036 or out more at www.TXHomeLoans.com. We look forward to hearing from you soon!