IRS Blames Budget Cuts for Lengthy Turn Times on Tax Trascripts – Will Your Closing be Delayed??

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, […]

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USDA Fees to Increase…..tomorrow!

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. […]

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ABILITY TO REPAY and QUALIFIED MORTGAGES: The new challenges for homebuyers (and their agents)

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 […]

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