New regulations promulgated by the federal Consumer Protection Finance Bureau, and currently in the implementation phase, are changing rules related to financing and closing of real-estate transactions.

The Sun Gazette asked local real-estate professionals their views on the short-term and long-term impacts of the changes.

Here are their answers:

Natalie Roy, Keller Williams: “Short term there will be hiccups, because the new mortgage rules represent a big change from current practice. I am telling clients to be patient and expect longer closing periods. I work with excellent lender partners who have been hosting workshops for agents on the new rules, so we are better prepared. Long term, once the kinks are worked out, everything will fall into place. Real Estate agents are quick learners.”

Casey Margenau, Casey Margenau Fine Homes and Estates: “If people have real estate agents who know what they are doing, nothing will change as far as the transactions. But you will need to have about 45 days for a closing. The new paperwork is awesome and so much easier. Saying that, when you have done something one way for 30 years, then change, it will be confusing for a while.”

Billy Buck, Buck & Associates: “There has been tons of preparation and I think people will be more prepared. But it’s something new and even with all the training in the world, we can still have bumps. There will be a learning curve.”

Mark Middendorf, Long & Foster: “It will cause some confusion for anyone who is not staying up with the rules and regulations and getting the proper training. It will impact the lenders more than the Realtors, and will cause more paperwork on the lenders’ part.”

Dean Yeonas, Yeonas and Shafran Real Estate: “I don’t think it will change the number of sales, but I think there will be issues because the process will be different, and that will require changes and adjustments. The timing of walk-throughs will change and there will be no more quick 30-day closings. Forty-five days will be the quickest you can close now. Every name of every document is changing. Closings will not be called closings anymore. They will be called ‘consummations.’ It’s a case of the government getting way too involved.”

Lilian Jorgenson, Long & Foster: “Getting financing today is worse than ever. Every time they change something it impacts the consumer big-time. We really need to ease up on the lending to get sales moving again.”

Gloria Adams, TTR Sotheby’s: “It will be a process of adjustments, and we have had several meetings to understand it all. There  will be a learning curve for everyone. The process will be slower for a while, but we’ll get things going.”

Steve Wydler, Long & Foster: “There is a lot of industry swirl about that right now. There will be a settling-in time for agents, lenders, buyers and sellers to deal with. Things will need to be taken care of well in advance and thought through. If there is not a good system in place, that could create a lot of chaos.”

Archie Harders, Long & Foster: “I think that the consumers won’t notice much unless they have had a very recent transaction. People expect these procedures to change, and I expect to hear comments like ‘wow, I don’t remember the process being like this at all.’ I hope to hear fewer complaints about last-minute requirements from lenders. We’ll see.”

David Howell, McEnearney Associates: “I think we’ll see a few hiccups and delays in settlements in the short term. Overall, I think the mortgage industry and settlement providers have done an admirable job getting ready for this, and it won’t take very long for settlements to proceed as smoothly as they have in the past. However, I do think that the new mortgage rules will require buyers to do their homework up front, because switching lenders or loan programs midstream will add days – or even weeks – to the approval process.”

Ann Wilson, Keller Williams: “I think it’s going to require lenders to be a little more focused on getting clients the information they need well before they are getting it now. If that is not provided, closings will be delayed, and no one wants that. It will probably take about three months to sort out.”

Kelly Tierney, Re/Max Distinctive: “The 30-day closings will be a thing of the past. Now closings will take more like 60-days-plus. We are all learning at once, so we all have to adjust. There will be growing pains.”

Donna Moseley, TTR Sotheby’s: “In the short term I think we  all anticipate there will be flow-of-information adjustments and getting everything into a routine and to be very communicative. I think the public will not understand why the process will now take more time. In the long term it will all turn out to become the routine, and everything will run smoothly.”

Dawn Wilson, Keller Williams: “I think that companies that already have been providing good service will be fine. But companies that have struggled, that will exasperate that problem, and maybe some of those companies will get out of the business. There are hiccups anytime there is a change, especially when computer systems change.”

John McNamara, TTR Sotheby’s: “Right now it will throw a wrench into the process because no one knows how this will transpire in the short term and there is a lot of uncertainly. The closing process will change and won’t be as immediate.”

Adam Gallegos, Arbour Realty: “I’m personally not as worked up about the new rules as some. It will certainly affect the timeline of home sales, but we will all adjust accordingly and real estate will carry on.”

Carol Temple, Coldwell Banker: “People are going to have to trust their agents, and it will be important to work with reputable lenders and agents. Those who do will sail through. Those who don’t, it might be a lot of boo-hoos.”

Betsy Twigg, McEnearney Associates: “There will be some initial learning curves, but after a month or so things will be figured out. People are getting prepared. Plus, since this is all so new, there will be additional changes in the future.”

Jack Shafran, Yeonas and Shafran Real Estate: “To me, they are just adding more layers of bureaucracy to an already over-regulated mess.”

Craig Mastrangelo, Re/Max Allegiance: “The short-term effect will certainly be a learning curve for all real estate professionals, but the intended transparency for the consumer should help buyers and sellers alike have a better understanding of the closing documents for all parties concerned.”

John Mentis, Long & Foster: “This is trying to make the process more transparent for the buyer in the long term, but there won’t be much impact on buying and selling. The angst right now is not knowing how to deal with this, but people will figure it out.”

Joan Stansfield, Keller Williams: “In the short-term, we know that the new mortgage rules will create delays in closings for buyers and sellers. Gone are the days of 30-day closings. A big issue will be handling walk-through items after the closing disclosure is finalized. In the short-term, as a Realtor, it will be critical to align your buyers with seasoned, reliable lenders and title companies. For the long-term, there’s no way to know the impact on the local or national real estate market.”

Lizzy Conroy, Huckaby, Briscoe, Conroy Realty Group: “Then next three months will be a learning curve and adjustments to figure out all of the new documents and rules to get everything clarified.”

Casey Samson, Samson Properties: “If agents allow buyers to use anyone but a very good, local, correspondent lender after Oct 1, it will be a dumpster fire. If you use professional local lenders it should be no problem. Top-producing listing agents, as always, avoid buyers with Internet lenders or brokers. We have seen that movie and know how it ends.”