I just got this from Wells Fargo. Here is some important info on the new regulations influencing closing dates:

July 2009

How the New Government Regulations May Impact Your Closing Dates

On July 30, 2009, the new Housing and Economic Recovery Act (HERA) laws will go into effect. They require all mortgage lenders and mortgage brokers to help prevent deceptive lending practices and protect customers by helping them become more informed. We're proud to say these goals align with the responsible lending practices for which Wells Fargo Home Mortgage — the nation's #1 residential mortgage lender — has long been recognized. Most of the changes will be transparent to the homebuyer and the REALTOR® or Builder. However, there are new compliance requirements that we all need to prepare for that impact the process and timelines for mortgage financing, and therefore, could impact closing dates. Wells Fargo Home Mortgage wants to make sure you are aware of these changes and how they impact home purchase transactions. Please take a few minutes to read our Information Guide.

It will provide you with:

Background details on the new federal requirements
Four key elements you need to know
A sample calendar that shows how the different elements impact loan origination transactions
The key things each party in the transaction can do to help expedite the process and meet the desired closing date
Frequently asked questions

We hope you find this information helpful. Please contact your local Wells Fargo Home Mortgage consultant for more information and/or to answer your questions.We look forward to working with you to help make the dream of homeownership achievable and sustainable for more people in our country.

Yours to Count On,
Erika Madsen
Real Estate Consultant
Re/Max Power Realty
"Your Advisory Team" Founder/Manager
480-695-6572

p.s. if you or anyone you know is considering a move in the current real estate market- you deserve an agent who has a strong knowledge to help you succeed! Visit http://www.PhoenixAreaMls.com/ to learn more about Your Advisory Team!!