Posted by admin in Current Issues, Legislation & Regulation on September 2, 2011
The CFPB is giving transparency to the development of a new GFE and they are asking for our input.
Check out the 2 versions of the new GFE at www.consumerfinance.gov/knowbeforeyouowe
Posted by admin in Current Issues on July 28, 2011
Unacceptable source of funds to close like cash advances and unsecured loans will cause delays in the closing of a loan. Documenting non payroll deposits is a critical aspect of the loan approval process. Watch the video to learn why.
Posted by admin in Current Issues on July 15, 2011
If your clients plan on retaining their current home speak to a loan officer first. Changes in the guidelines create several hurdles to jump over to get a mortgage.
Posted by admin in Uncategorized on June 29, 2011
Qualified Residential Mortgage guidelines will limit the availability of mortgage financing options, reduce the number of buyers in the market and increase costs.
Below are the 6 agencies to send your email comment letters to:
1. Office of the Comptroller of the Currency: regs.comments@occ.treas.gov (Include in the subject line, Docket No OCC-2010-0002)
2. Federal Reserve Board: regs.comments@federalreserve.gov (Include in the subject line, Docket No. R-1411)
3. Federal Deposit Insurance Corporation, Comments@FDIC.gov (Include in the subject line, RIN 3064-AD74)
4. Securities and Exchange Commission, rule-comments@sec.gov (Include in the subject line, File Number S7-14-11)
5. Federal Housing Finance Agency, RegComments@fhfa.gov (Include in the subject line, RIN 2590-AA43).
6. Department of Housing and Urban Development, comments to be submitted through www.regulations.gov ( Include in subject line, Docket No FR–5504–P–01)
Posted by admin in Current Issues on June 22, 2011
Credit reporting errors are driving up cost of financing by increasing interest rates to consumers. Watch the video and see how it happens.
Posted by admin in Current Issues, Legislation & Regulation on May 25, 2011
The Consumer Financial Protection Bureau has been tasked with creating new mortgage disclosures. They actually invited the mortgage industry to be a part of the creative process, hallelujah!
You can view the new disclosures and make comments by visiting this website, www.consumerfinance.gov/knowbeforeyouowe.
Posted by admin in Current Issues, First Time Home Buyer on May 6, 2011
Give us a sample of blood and your first born if you want this mortgage…
The mortgage process is very personal, watch the video and discover why.
Posted by admin in Current Issues on April 29, 2011
FHA increases the monthly mortgage insurance premium by 25 basis points.
Watch and see how this will impact your business.
Posted by admin in Current Issues on April 21, 2011
Appraisal Management Companies reduce the quality of appraisals by working with inexperienced appraisers willing to work for less money.
Watch the video to learn about a secret the large national mortgage companies do not want you to know.
Posted by admin in Current Issues, Legislation & Regulation on April 13, 2011
A Qualified Residential Mortgage (QRM) is defined as any loan with:
20% down payment
28/36% ratios
No late pay on credit report for 2 years
Exceptions are FHA/VA and Conventional loans, for now
Watch the video to learn how this will impact our business.
