It’s hard to believe that the current Uniform Residential Loan Application (URLA) Form has not had any substantive changes in the past 20 years. Despite numerous programmatic and policy changes implemented by the Federal Government’s Housing Agencies (i.e. HUD, VA & USDA) and the GSE’s, this form has served well as a uniform loan application form for the mortgage industry.…
We finally experienced the long anticipated short-term interest rate hike by the Fed. Now, what happens? There are all kinds of speculation. Some say it will help while others say it might hurt. When might the fed do it again? Much depends on how the economy reacts. We shall see. The stock market sure liked it, at first, now it’s…
It’s just before closing, a new disclosure is due, To allow the consumer, an amble review. The fees need be listed in each Section with care, With loan costs reflected to allow for compare. What had been presented in disclosures sent prior, Now, must be updated for both Seller and Buyer. All terms of the loan made clear and…
The Veterans Administration (VA) announced that, effective immediately, lenders “may accept a Veteran’s assertion of spousal status when a Veteran is applying for home loan benefits,” in Circular Letter 26-15-29, dated November 5, 2015. In light of the recent Supreme Court decision in Obergefell v. Hodges, the VA will now recognize a marriage between two people of the same-sex when…
Everyone is well aware of the requirements of the new TRID rules and the related challenges in issuing the new forms, accurately and timely. There are some serious concerns in the Secondary Markets that minor issues, like fees not placed in the proper order, decimal places not carried out correctly, and/or misspellings on documents, along with missed timing of disclosure…
USDA Rural Development has recently introduced a new security role of “Lender Agent” to their participating lenders. This new role will enable lenders to provide Guaranteed Underwriting System (GUS) access to third party agents such as mortgage brokers and/or correspondent lenders. The USDA’s GUS was updated on December 9, 2015 to help facilitate this new functionality. Once officially designated as…
