In case you missed it, on June 8th FHA announced that their TOTAL (Technology Open To Approved Lenders) automated underwriting system will no longer provide the upfront or annual mortgage insurance premium factors required for a loan (FHA Info #16-36). These factors may be found in Appendix I to the new FHA Single Family Housing Policy Handbook 4000.1 (Handbook). This…
The 10% Tolerance Factor – TRID
Last week, during a webinar LoanLogics presented as an ABA-endorsed provider, a question was raised about the calculation of the basis for the 10% fee tolerance under TRID. In my response, I mentioned that I had covered this topic in a recent blog. I stand corrected. After checking, I realized this was inaccurate. I had covered this topic in my…
National Homeownership Month – The Sequel
The other day I mentioned that FHA has declared June as National Homeownership Month with its theme of “Dare to Own the Dream”. Well, come to find out, from my good friend (and now retired) Gerry Glavey, that this is quite common. June has been designated as Homeownership Month for many years – under both Republican and Democratic administrations. The…
The Hiring Rollercoaster
It looks as though the spring buying season may be extending into summer. So, mortgage lenders need more people to handle the business. Some still say that 2016 is going to be a breakout year for new home sales with Millennials jumping into home ownership. That’s good news but that also presents some real challenges for mortgage lenders. With improving…
June is National Homeownership Month
Are you aware that FHA declared June as National Homeownership Month? They even have a theme: “Dare to Own the Dream.” Sounds a little ominous… Julian Castro, HUD Secretary, says it’s a good time to reflect on all that the Obama Administration has done to ensure that homeownership is well within the reach of the average American family. Really? Like…
Allowable Changes in Circumstances under TRID – What you need to know?
Under the TRID rules, a lender may increase a fee once disclosed as being non-shoppable by the consumer when the result of an event or circumstance taking place after a disclosure is issued. These are known under the law as “allowable changes in circumstances.” In such justifiable situations, a fee which is directly related to the change may be increased.…