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…
Like my high school prom date, I keep getting mixed signals. Is the economy improving or is it not? Will the Fed raise rates this summer or will they hold them at current levels? According to two Fed Chairmen, it still looks as though rates may go a little higher sometime this summer (Rate Hike). Only the Fed knows for…
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…
