Well, it is finally April and thoughts of many Americans are to seek an extension from the Federal Government regarding the filing of their Tax Returns. However, the topic of this Blog Post is not income taxes but two widely discussed mortgage industry initiatives that have effective dates looming and extensions being sought by many entities. In Mike Vitali’s, B-Logics’…
Lately, all the buzz has been about this thing called “Big Data”. What is it and how can it best be used by business to target and attract more customers (Big Data)? Frankly, to me, it all sounds a little scary. Big data is basically all the information being collected about all of us based on what we do over…
Last week there was some rumbling about the possibility of the CFPB extending the start date for the required new TRID rules. Don’t get your hopes up (TRID Rule). CFPB is now making it quite clear that they have no intentions of extending the August 1st deadline. The requirements for the new rules and new forms will take effect for…
As a result of the upcoming TRID changes, and resultant lender liability, word on the street is that many large banks are considering handling the closings of their mortgage loans in house. Although most banks now handle equity line closings in-house, it’s not the same as doing a purchase transaction with a seller, buyer and Realtor involved. There are quite…
As I have mentioned in previous Blog Posts, 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…
HUD/FHA has just announced (refer to Mortgagee Letter (ML) 2015-08) that it will be implementing its long-awaited Electronic Appraisal Delivery (EAD) process effective for all FHA case numbers assigned on or after June 27, 2016. This ML states that the EAD portal will be a web-based platform through which lenders and their third-party service providers will be able to electronically…
