Are they really helping the buyers? July 30 new regulations are affecting buyers now…who went into contract thinking that a 17-day financing contingency would be plenty of time. Now there are hold periods in effect due to Reg Z, and lender has to review signed seller disclosures before the loan process can move forward, including ordering the appraisal. That's the summary. So one week into the contract, the lender may not yet be able to order the appraisal due to the disclosure review period.

What if the appraiser brings the file in under sale price? There's an appeal board. How does this affect the buyer? Say the appraisal comes in $35K under the sale price due to an appraiser unfamiliar with the area…..or comps that are all trashed REOs…..real estate agents and loan officers can't go to bat for their clients and provide supporting data to help the appraiser.

So the laws to help "guide" the loan process keep the honest people honest, but it seems like they're going to put unnecessary burden on buyers and sellers alike. Thirty-day escrows may be a thing of the past.

Click here for some details about July 30 regs.