Yesterday, HUD has officially rolled out their revised 92900-A Form which will be effective for loan transactions that obtain their FHA case numbers on or after August 1, 2016 (Mortgagee Letter 2016-06). In comments accompanying this Mortgagee Letter, Ed Golding, Principal Deputy Assistant Secretary for Housing, stated that “FHA is clearly identifying what lenders will be held accountable for –…
Refi’s: Good News or Bad?
Here we go again. The Fed raises rates but the mortgage rates drop. Rates are up; rates are down. Now is a good time to buy; now is a good time to refi. Which is it? The mortgage market is a crazy business. When rates start to rise, it’s time to get off the fence and buy. However, when rates…
Servicing Lenders Beware! More 4000.1 Handbook Changes
If your firm services FHA insured loan transactions, you need to be aware of a substantive change in FHA policy being implemented, for loans that obtain their FHA case number on & after March 14, 2016, that involves the assessment of Late Charges. HUD/FHA allows servicing lenders to assess a late charge on FHA-insured loan transactions if a borrower’s mortgage…
Simple Solution to Another TRID Problem
Real estate agents are complaining that with the new TRID rules, lenders now refuse to provide them with a copy of the Closing Disclosure for review prior to closing (CD Block). Strange, I don’t recall lenders providing Realtors with a draft copy of the HUD-1 prior to the closing before the new rules were implemented. Once again, TRID gets the…
TRID: It’s a Relationship Thing
Let’s face it, TRID is a game changer. It has revolutionized the process of how mortgage loans are closed. The replacement of the GFE and initial TIL by the new Loan Estimate caused the need for new technology and forms; however the information being disclosed is relatively the same. The real change comes in the use of the new Closing…
The Rights of Spring
It’s that time of year again; St. Patty’s Day, March Madness, and the Annual Regional Conference of MBA’s, held in Atlantic City each year. This will be the 33rd consecutive conference. This year, the meeting will be held from March 13th through the 17th at the new Convention Center in beautiful Harrah’s Marina Casino/Hotel. The conference begins with a Commercial…