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Title Insurance: Do You Know What You’re Paying For?

Title Insurance: Do you know what you’re paying for?  Most borrowers don’t.

Michael Haltman, President of Hallmark Abstract Services in Jericho, New York recently published an article which explains title insurance, what it is, and why borrowers need it.

 

Click here to read his article, Title Insurance: Do You Know What You’re Paying . . . → Read More: Title Insurance: Do You Know What You’re Paying For?

CFPB Responds to MBA Concerning TRID Issues

As the months pass since TRID (TILA-RESPA Integrated Disclosure) was implemented, the problems and unintended consequences of this new federal law keep piling up.

 

In a recent video published by the National Real Estate Post, additional issues were pointed out, including:

Since the CFPB designed the Loan Estimate and Closing Disclosure forms to . . . → Read More: CFPB Responds to Mortgage Banker’s Association Concerning TRID Issues

TRID – The Latest Regulatory Changes Coming Soon to the Real Estate Industry

 

TRID is the new federal consumer disclosure law that’s turning the real estate industry on its head. TRID will significantly change the way a mortgage lender discloses to consumers the terms, conditions, and costs associated with most residential mortgage loans. While these new rules were supposed to take place as of August 1, . . . → Read More: TRID – The Latest Regulatory Changes Coming Soon to the Real Estate Industry

QM Threatens to Change Mortgage Lending As We Know It.

  As the real estate industry continues to claw its way back from the Great Recession, the federal government continues to add obstacles.  On January 10, 2014, yet another regulation will become effective: The Qualified Mortgage.

The Qualified Mortgage (also referred to as “QM”), was designed to create safer loans by prohibiting or limiting . . . → Read More: “QM” Threatens to Change Mortgage Lending As We Know It.

Changes to Flood Insurance Requirements May Be Around the Corner

(Originally published 12/04/12.)

 

It’s been a while since I checked my crystal ball.  To be honest, its predictions have sometimes been fuzzy or even downright wrong.  Nevertheless, when I recently took out my crystal ball and dusted it off, this one prediction came through clear as day:  Expect changes in flood insurance requirements.

. . . → Read More: Changes to Flood Insurance Requirements May Be Around the Corner

Want to Refinance? Here Are The Sneaky Little Secrets Your Bank Won’t Tell You.

(Originally published October 23, 2010)

Interest rates are currently at historic all time lows. And homeowners are again thinking about refinancing their mortgages.

During these times, banks receive tons of inquiries. Bank loan officers, who are often just glorified customer service representatives, read from their scripts and reinforce misconceptions about mortgage lending. In fact, . . . → Read More: Want to Refinance? Here Are The Sneaky Little Secrets Your Bank Won’t Tell You.

Be Weary of Continuing Reform. Government “Cures” Often Do More Harm Than Good.

(Originally published May 1, 2010.)

Whenever the Government promises to “fix” a problem, it’s usually cause for concern. Recent changes to the real estate industry have all been implemented with the best of intentions, in an effort to “protect the consumer.” But it seems that most politicians are unfamiliar with the Law of Unintended . . . → Read More: Be Weary of Continuing Reform. Government “Cures” Often Do More Harm Than Good.

Seller-Funded Buydowns Are Helping Sell Homes!

(Originally published April 10, 2010.)

Today’s difficult real estate market faces many challenges:

A large inventory of unsold homes has caused price stagnation. Distressed sales are putting downward pressure on market values in certain neighborhoods. Sellers still resist coming to terms with their neighborhood’s drop in values. Many buyers looking for a “steal” are . . . → Read More: Seller-Funded Buydowns Are Helping Sell Homes!

New Federal Regs + Incompetent Loan Officers = Canceled Closings. Don’t Let This Happen To You!

(Originally published March 21, 2010.)

Everything seems to be going smoothly. The purchase contracts were signed. The mortgage was approved. The closing is scheduled. Then you get the call that the mortgage has been canceled. The borrower must start from scratch with a new lender!

It’s a nightmare come true for home buyers, realtors, . . . → Read More: New Federal Regs + Incompetent Loan Officers = Canceled Closings. Don’t Let This Happen To You!

Good Faith Estimate 2010 – The Good, The Bad, and The UGLY.

(Originally published January 24, 2010.)

As of January 1, 2010, the latest government revision to the banking industry has been the redesign of the Good Faith Estimate (GFE). In years past, there have been many GFE designs used by different banks, mortgage lenders, and mortgage brokers, each looking different and disclosing information as they . . . → Read More: Good Faith Estimate 2010 – The Good, The Bad, and The UGLY.