We?re now less than two months from implementation of the Truth?In?Lending and RESPA integrated?disclosures (TRID). We?ve carefully studied the rule. We?ve carefully considered how this will affect our?processes. We?ve upgraded our software. We?ve tested our software. We?ve waited for a software patch?to fix the bugs. We?ve tested the software again. We?ve started training our team. …
July 27, 2015 We interrupt our regularly scheduled programing of compliance induced folderol for this important?message: People are actually buying and selling homes! In fact, they are buying and selling homes in?Monroe County at the fastest rate in seven years; a rate that is almost twenty percent better than the?second quarter of last year. The …
June 22, 2015 Over the last few weeks I?ve talked with lenders about the August (Now! Woo Hoo!) October 1st Truth-in-Lending/RESPA disclosure changes. I?m happy that there seems to be a consistency in the conclusions?that are being made about the best way to comply with the new rules. Every lender that I?ve talked with has …
May 15, 2015 The HUD-1 settlement statement serves two important purposes. One purpose is disclosing the actual?settlement costs to the buyer and seller. The other is functioning as a disbursement record for the?settlement agent. The disbursements on the HUD-1 must balance to the disbursements from the?settlements agent?s trust account. One of the less obvious differences …
April 2015 Complying with the new CFPB disclosure rules taking effect later this year will require that lenders and settlement service providers work more closely than ever before. In order to accurately meet the disclosure time lines we will each be entering our information into each other?s forms. It makes sense to do as much …
Decisions . . . Decisions . . . Decisions . . . The August 1, 2015 implementation date for the new loan and closing disclosures will be here before we know it. Prior to that time, lenders will need to be making a number of process related decisions. Each decision is sure?to have an effect …
The 2014 purchase market tried but could not match an Andrew Luck game winning drive.?Instead it ended just short of beating 2013. You will recall that after a frigid first quarter the?purchase market started down over 10% year over year. Fueled by lower interest rates and?stronger consumer confidence the fourth quarter of 2014 was up …
Takeaways from the 2014 Third Quarter numbers: Life without refinances is tough. Mortgage lending is down considerably from previous years. (chart pages 7, 11 & 12) It?s all missing refinance business as the purchase market is fairly steady. Earlier in the year refinancing was only 15% of our new title orders, the lowest rate that …
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