Here’s some good information provided by the CFPB to help lenders to better understand the TRID rule requirements and answer some questions about the disclosures. Access to an index of the questions addressed by the CFPB during webinars presented may be found on their website. (Index) This index will provide you a guide and links to where you can listen to…
In a constant search to find ways to help consumers improve their credit profile, U.S. Bank has partnered with Sage Software to provide their customers’ access to a new accounting product dubbed AP Organizer (Improved Credit). U.S. Bank believes that doing so will help their customers, especially Millennials, find ways to better manage their resources to improve payment patterns on…
As a friendly reminder, for all loans with the FHA case number assigned as of August 1, 2016, a lender must execute the new, improved HUD 92900-A when approving the loan (92900-A). This is the document containing the certifications made by the borrower and lender in connection with obtaining and granting an FHA-insured mortgage. This is the culprit that has…
CFPB’s long-awaited and much-anticipated Proposal for updating the “Know Before Owe” rules, or TRID, as it is better known to the lending industry, are now out. (Read all about it) The proposal answers some questions, clarifies prior comments, leaves some things unanswered, and closes the door on certain specific issues of major interest to the industry. CFPB indicates that it…
The days of mailing postcards to neighbors announcing the sale of a local home may be coming to an end. Bad news for those postcard makers; but, good news for Realtors and lenders. Is it good news for homeowners? Using ‘Big Data’ and proprietary marketing systems, Realtors may be able to identify those homeowners within a specified area that are…
Based on FHA’s most recent Lender Insight newsletter (Insights), FHA lenders are not doing so well in managing their initial gross defects. According to the FHA’s post-endorsement technical reviews, over the past 2 years, the initial unacceptable defect rate is averaging just south of 50%. That means that about half of the loans delivered for FHA insurance have substantial defects.…
