According to 8 VSA §2220, the Vermont Department of Financial Regulation is vested with the authority to regulate real estate mortgage loan commitment letters. Section 5 of Vermont Reg. B-2018-02 requires that “All commitment letters, except as provided in subsections 5(A), 5(B), and 5(C) of this regulation, shall be delivered to the borrower no less than three business days prior to the closing.”
To meet the requirements outlined by Section 5, as referenced above, we are changing the timing requirement that prints in the second paragraph on Cx4816 from “…within 24 hours” to “…within 3 business days”.
This change will be in effect on April 5, 2019. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.