From my friends at CAG Group – Yesterday Equifax announced that it had been breached back in July and as many as 143 million US consumers are impacted. The company is offering free credit monitoring for those impacted by this breach. I checked my personal information – took 45 seconds – and determined it […]Read More Equifax Breach – Is Your Information Safe?
The CFPB is beefing up its ongoing investigation into Zillow for possibly violating RESPA. Full article here from my friends at HousingWire You’ve been warned: CFPB puts Realtors, Lenders on RESPA violation watchRead More CFPB fires a warning shot! Realtors and Lenders Beware!
Here’s something ‘exciting’ (note: sarcasm) that your clients will be seeing going forward. It’s appropriately called the TIP! What is TIP? It’s the Total Interest Percentage – basically it’s the total amount of interest they’ll pay over the life of their loan expressed as a percentage. Now, that doesn’t seem to threatening, right?? Well, what […]Read More Hey TRID, why is my client paying 69.45% interest??
Let’s play a little IRS Tax Transcripts Jeopardy Answer: Because the IRS is ‘underfunded’ thanks in part to massive federal budget cuts Question: Why in the HECK are Tax Transcripts taking forEVER to process???? Update from one of the larger Third Party Validation Services explains why these transcripts, which lenders require to process a home loan, […]Read More IRS Blames Budget Cuts for Lengthy Turn Times on Tax Trascripts – Will Your Closing be Delayed??
Great news friends – homebuyers in the DFW metro (and surrounding areas) will see increased purchasing power thanks to FHA’s decision to increase loan limits beginning January 2015. Currently the max loan amount for DFW area is $287,500 which means buyers may buy a $297,900 home by putting the very minimum down. However, as of […]Read More FHA Loan Limits Increased! And other FAQ’s
Fiscal Year End Conversion Process Due to Increase in Annual Fee On October 1, 2014 the annual fee for both purchase and refinance loans will increase from .4% to .5%. This change is required to maintain a neutral cost of the program. The USDA annual fee is paid monthly as part of your USDA mortgage payment. […]Read More USDA Fees to Increase…..tomorrow!
On Jan. 10, the Consumer Financial Protection Bureau (CFPB) rolled out new rules governing how mortgage lenders originate loans. The regulations are designed to prevent shady or predatory lending and otherwise protect consumers. Financial institutions have been preparing for the changes for months. The big fear is that potential homebuyers will be blindsided. What do […]Read More ABILITY TO REPAY and QUALIFIED MORTGAGES: The new challenges for homebuyers (and their agents)