Waiting period from appraisal to close a loan?

[Dan Perrott]

Today I was to close on refinancing 2 of my duplex properties.  No problem - everything was approved and appraisals came back over 10k higher than expected.  Then my banker called me this morning and said that we could not close today because not enough time had elapsed between the appraisal and the close.  She was stating that we had to wait 10 days after the appraisal was completed and certified before we could close.  This is a government regulation.  Needless to say, we rescheduled until this Monday.  No big deal but I never heard of this government regulation.  Has anyone heard of this and details about it?

[Tom Vallatini]

Check your initial GFE if the closing cost are over 10% then an additional time frame applies usually 7 days.