If you want to capture the Millennial homebuyers, you may need to provide some upfront education. Studies have found that many of this generation, although being tech savvy, know little about the home buying and financing process (Millennial Knowledge). Millennials are now moving into the home buying stage and will be shopping for their homes and related financing. Most will…
Under the new TRID rules, a lender is required to provide an applicant with the new Loan Estimate, along with other application disclosures, when the lender is in receipt of 6 items from the applicant; the name, address, income, estimate of value, SSN & loan amount. The lender may not require anything additional, including but not limited to, verification of…
This is my favorite sports time of the year. I love the World Series, Super Bowl, the NBA and Stanley Cup Finals. But, for me March Madness takes the cake. In the professional sports, the athletes are pampered and overpaid, playing as much for themselves as they do for their team. Don’t get me wrong, I cheer just as hard…
Does your Firm originate USDA loans? If so, you should be aware of the recent enhancement in the past three months in which the USDA’s Lender Loan Closing system was modified to permit the electronic issuance of Loan Note Guarantees. Now, there’s an even larger technological enhancement. Beginning on March 28, 2015, the USDA’s Government Underwriting System (GUS) will be…
We all have heard the old saying, “If it looks like a duck, walks like a duck and quacks like a duck; it must be a duck”. Well, this also holds true for mortgage marketing service agreements (MSA). CFPB is taking a long hard look at entities with such agreements and a tough stand on enforcement for what they determine…
Several months ago HUD/FHA released a draft copy of its “Origination through Post-Closing Endorsement” Handbook (4000.1) on its website. Most noteworthy is the fact that the policy & procedural changes that are being implemented by HUD/FHA via this Handbook are scheduled to be effective as of June 15, 2015 – which is now less than 3 months away. Also, on…
