Tag Archives: Lenders

Fannie and Freddie lower mortgage modification interest rates

Beginning May 13, Fannie Mae and Freddie Mac will lower the standard modification interest rate from 3.75% to 3.625%, the lowest it has been since the program began in 2012.  To read more click http://www.housingwire.com/articles/36987-fannie-mae-freddie-mac-mortgage-modification-interest-rate-falls-to-new-record-low

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Freedom Mortgage buys USDA origination business from Chase

JPMorgan Chase is selling their rural housing business to Freedom Mortgage in an attempt to simplify their mortgage business. Full article can be found at JPMorgan sells USDA business to Freedom Mortgage

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Common TRID errors sent to the CFPB

In a recent letter to the CFPB’s Director Cordray, the Association of Mortgage Investors shed some light on some of the common mistakes that have come about from TRID.    The letter addressed industry concerns over mistakes being made, albeit minor mistakes, … Continue reading

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Post Closing TRID issues beginning to surface in the secondary market

With increased liability and enforcement by the Consumer Financial Protection Bureau, TRID is beginning to have a negative impact on the secondary market. Investors are cautious and rejecting loans in the post TRID world.  Below is a list of some most common reasons loans are being rejected … Continue reading

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Good news for homebuyers. Freddie Mac: Mortgage rates drop four consecutive weeks

The 30-year fixed-rate mortgage averaged 3.79% for the week ending Jan. 28, 2016, down from 3.81% last week, but up from 3.66% a year ago. Additionally, the 15-year FRM this week decreased to 3.07%, falling from 3.10% a week prior. … Continue reading

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Foreclosure filings drop to a nine year low

Good news for the real estate industry.  RealyTrac reported that default notices, scheduled auctions and bank repossessions were reported on 1,083,572 U.S. properties in 2015, the lowest annual total since 2006, when there were 717,522 properties with foreclosure filings nationwide. “In … Continue reading

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Good news for mortgage lenders from the CFPB

In a letter to the Mortgage Bankers Association the CFPB’s director, Richard Cordray,  said administrative errors in key sections of the new disclosure rules,  would not likely create a scenario where a private investor could sue the lender, or where the lender would face … Continue reading

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FHA to allow a grace period for TRID enforcement

Looks like FHA will join the CFPB, Fannie Mae and Freddie Mac in allowing a grace period for enforcement for the TRID Rule which went into effect on October 3, 2015.  Read more below: FHA to extend grace period

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SunTrust Shares TRID Plans; Requires ALTA Best Practices to be in place by July 1…

SunTrust Mortgage announced in a letter to its settlement service providers that it will produce and deliver the Closing Disclosure to consumers in order to comply with the TILA–‐RESPA integrated disclosure (TRID) rule. SunTrust will require title and settlement agents … Continue reading

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TRID introduces new terminology to the closing transaction

Do you know what a variation is?  You will starting August 1, 2015.  The final rule introduced new terminology which you can expect to see in your lenders closing instructions starting in August.  Below are some of the terms that you will see: Lender … Continue reading

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