Huh? Here’s another example of over-regulation by a government. We recently had a client who was purchasing a house. A couple of days before closing rates really dropped to where we could have gotten them a lower rate and, consequently, a lower payment. However, we could not do it because we now have a regulation where we cannot change the rate without there being a 3 day period before you can close on the loan; this includes lowering the rate!! Since this was a purchase, we could not do anything because the sellers would not budge on the closing date. So our client lost out on a lower rate and payment.
Make you mad? It should. It’s not the first time this has happened for us. Now write your congress folk and tell them to fix it.