According to the National Association of Realtors (NAR), there have been very few, if any, problems with home settlements as a result of the new TRID regulations. Karen Crowson, Chair of the Realtor’s Regulatory Issues Forum stated that most loans are closing with very little disruption (No Problems). Could it be those who decried the major problems that would result…
Quicken Loans, the nation’s third largest mortgage lender, has leapfrogged the competition. While many lenders are still working to offer consumers an online application, Quicken’s new Rocket Mortgage offers not just the online app but online loan options, selection and loan approval (Rocket Mortgage). Everything, from soup to nuts, on the front end. No mention of an eClosing…yet. This is…
In Mortgagee Letter 2015-27, dated November 13, 2015, HUD/FHA announced some subtle changes in its condominium project approval and recertification policies and procedures. Although it is stated that HUD expects to “increase the pool of condominium projects eligible for FHA approval” by implementing these changes, it’s difficult to comprehend how these changes will contribute to any major increase in loan…
I came across this brief article which caught my attention. You may have seen the headline: “Down Payment Costs Prevent Renters from Buying Homes: Zillow” (Down Payment). I’m a little perplexed (which frankly is not all that uncommon). According to Zillow, many renters say they cannot buy a home because of the large down payment required. The article gives examples…
The 3-year reporting requirement for comp sales had only been in effect for less than 2 months and was the topic of much discussion at the various industry webinars and conferences conducted by HUD/FHA staff prior to the September 14, 2015, implementation date. In my blog post from Nov. 6th, I discussed FHA’s recent decision to rescind its short-lived policy…
In a recent National Mortgage News survey, lenders indicated that in 2016 they are looking for ways to get back to business of generating more loans (Back to Business). With TRID now in full swing, lenders are now looking at ways to increase loan production, improve customer service and streamline operations. Lenders can use what they’ve learned in meeting the…
