Now more then ever, communication with the loan officer in a transaction is critical.
With appraisals becoming more difficult, agents are sometimes having them completed before any inspections are done. If the customer does not meet face to face with the loan officer and completes their application, via email or phone, the appraisal cannot be ordered for 7 days. It then takes another 7 days to get the results back.
Another new rule has to do with the Truth and Lending disclosures. If anything changes in the loan amount (reduction for appraisal, credit for repairs, credit for closing costs) and the APR changes 1/8 of 1%, new disclosures have to be issued. If new disclosures are issued, you must wait 7 days before a closing can be scheduled. Often times these changes happen in the middle of the transaction, so you must let the loan officer know.
Good communication with the loan officer, is key to closing a transaction.