Are ARM loans making a comeback?

Interesting article on ARM loans from the Wall Street Journal.

http://online.wsj.com/news/articles/SB10001424052702303546204579439171591130740?mod=WSJ_RealEstate_RIGHTTopCarousel&mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB100014240527023035462045

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House Passes Flood Insurance Reform

By a vote of by a 306-91, the House passed the Homeowner FLood Insurance Adffordabilty Act of 2014 on Tuesday.

The bill would prevent the Federal Emergency Management Agency (FEMA) from increasing premium rates when a property is sold or a new flood map is developed, and refunds some of the recent rate increases homeowners have paid. It limits premium increases to 18% annually. To pay for these fixes, the bill requires policyholders to pay a $25 surcharge on residential policies and a $250 surcharge on premiums for non-residential properties and non-primary residences on policies. The Senate must now pass the amended version before the bill can become law.

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Register Now for SoftPro’s 2014 User Group Conference!

Register Now for SoftPro's 2014 User Group Conference!

This year’s conference is April 2nd – 4th at the Sanibel Harbour Marriott Resort & Spa in Fort Myers, Florida. Join us for two days of hands-on SoftPro training, gain insight into CFPB’s Final Rule, Industry Best Practices and more. This is a conference you won’t want to miss! Visit http://www.softprocorp.com/spug for more information and to register for this exciting conference!

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FHA announces they will accept electronic signatures

On January 30th FHA issued Docket No. 14-03 stating that they would accept electronic signatures for mortgages that meet certain requirements.

http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/letters/mortgagee

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Good news for homebuyers…

Lower interest rates will help reduce borrowers costs.

http://www.bloomberg.com/news/2014-01-30/u-s-mortgage-rates-drop-to-a-two-month-low.html

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Are you a SoftPro Customer?

Log into your mySoftPro account at softprocorp.com and check out our newest CFPB training video The Final Rule.

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What didn’t make it into the Final Rule?

The CFPB removed the following items that were in the proposed rule from the Final Rule:

Machine readable record keeping: While the CFPB excluded this requirement from the Final Rule, they did note that they would continue to study this concept.

Changes to APR calculations: The CFPB excluded the proposed changes to the APR calculations based on industry feedback and comments. The Dodd-Frank Act requires the CFPB to report on this rule five years after its effective date, and they will study this issue as part of that.

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