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…
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…
Freddie Mac, in a recently published Single-Family Update, has reminded everyone that it has now been three years since they implemented the Selling Representation and Warranty Framework which provides lenders (or sellers) with relief from certain selling representations and warranties for loans that demonstrate an acceptable payment history. What does this mean to lenders? It is anticipated that many…
Another new term in the world of home financing opportunities. No, not someone who lost a home to a fire, but rather someone who is just plain sick and tired of trying to refinance their home and reduce their debts. Do they now represent the potential for a new wave of refinances in 2016? I think so. (Burnouts) Freddie Mac…
As the saying goes, “No good deed goes unpunished!” In my blog post, dated February 24, 2016, I discussed a rather significant change in HUD/FHA policy with respect to the financing of HUD REO properties. Effective for transactions obtaining their FHA Case Number on and after March 14, 2016, lenders will be required to obtain a new appraisal if the…
Since the announcement of the new TRID rules, lenders have been working to integrate the use of the two new forms and comply with the requirements for information and fee disclosure. With actual implementation has come a myriad of challenges and problems reported by lenders and closing agents which have been blamed for consumer confusion, increased loan costs, closing delays…
