With TRID about 4 months old, we continually hear of the horror stories; delayed closing, consumer confusion, investor rejections and now adverse effects on the private label securities. What’s next? Maybe, why Carolina lost the Super Bowl, or why Hillary lost in New Hampshire. Does this now present opportunity? You bet it does. The lenders that figure out how to…
Welcome to America; land of opportunity. That includes the opportunity to defraud mortgage lenders and banks when getting a loan. (Chicago Tribune article on Liar Loans) Individuals found guilty of participating in the creation of fraudulent loans say they shouldn’t have to pay any restitution to the BofA for losses because the bank should have known better. After all, the…
Some good news from Capitol Hill this past week came in the form of an announcement that the House approved a Bill (by a 427-0 margin) that would make substantive changes in FHA’s condominium project approval and recertification procedures. In my November 24, 2015, Blog Post, I discussed three subtle changes implemented by HUD/FHA (at that time) in its condominium…
Recently, I noted that we haven’t heard much talk about housing policy from either the sitting President or those seeking to take his seat. But lo and behold, we get some news out of Congress that the House, by a vote of 427 to zero passed legislation that would reform FHA’s condo approval rules (FHA Condos). Wow 427-0, that’s pretty…
This year’s Super Bowl was rated as the third most watched TV presentation. It would seem that a well-placed ad would get any company some really good exposure, as long as the content resonated with the public. Based on initial returns, it appears that Quicken Loan’s Rocket Mortgage Ad did just that (Rockets). The ad for a new quick loan…
Freddie Mac and Fannie Mae jointly announced the implementation of an Independent Dispute Resolution (IDR) process which is designed to help resolve alleged loan-level breaches of selling representations or warranties that remain unresolved after all other appeals have been exhausted. This was announced in Freddie Mac’s Guide Bulletin 2016-1. This final, final appeal process will be available for all mortgages…
