home loans: Tucked Away In Your APR - 06/28/11 10:10 PM
I received a good tip the other day from Joe Thweatt with AmeriPro Funding. Joe has been receiving feedback from the secondary market investors regarding HOA transfer fees. The secondary market is now requiring that any HOA transfer fees be included when calculating out a borrowers APR on their truth-in-lending forms. As we all know any increase in a borrowers APR of greater than .125% will require a re-disclosure and a mandatory 3 day waiting period. In the past this fee was not considered therefore had no impact in the APR calculation and did not figure into the equation in the … (15 comments)
home loans: Why would a condo project not be warrantable? - 01/11/11 09:51 PM
One of the residents in our community emailed with a question concerning a sister who lives in Michigan and is looking at a particular condo to purchase. The sister was told the development was not warrantable and she would have to pay cash if she wanted to purchase a unite. He wanted to know what circumstances came into play that caused this restricion to be implemented. Answer: Loans on condos in today's mortgage environment are fraught with limitations. The most common is the ratio of owner occupied to rentals. In very simple terms if there are too many units used as … (8 comments)
There is much complaining about the new RESPA Reform, but, it is a needed response to try and curb the many abuses by sub-prime lenders and others who sold loans that were not in the best interest of the buyer. The reasons given on "why the changes" are numerous. However ones that appear to be justified by most are: To educate the buyers To encourage shopping of loans To increase competition, thereby reducing costs for the buyer There were no differntiations between the buyer, lender or seller fees and this was confusing to buyers trying to … (6 comments)
home loans: Checking Your List Twice - 01/07/10 12:36 PM
Santa has come and gone for 2009. He is now making his list to see who is naughty or nice in 2010 with some new rules to play by and he will be watching. Both you and your buyer will need to learn the ropes, so here is a recommended "checklist" during the Financing Period to ensure compliance with the new GFE/HUD (and MDIA) requirements and prevent delays in closing (and keep Santa happy). They are not hard just time consuming and must be followed: Buyer should: Send loan disclosures/package back Lock in interest rate Finalize down-payment/loan amount Confirm loan … (10 comments)
As of January 1, 2010 transactions involving new home purchases, where settlement is anticipated to occur more than 60 calendar days from the time a GFE is provided, the loan originator may provide the GFE to the borrower with a clear and conspicuous disclosure stating that any time up until 60 calendar days prior to closing, the loan originator may issue a revised GFE. Now the kicker is if no such disclosure is provided, the loan originator MAY NOT issue a revised GFE in the absence of changed circumstances. Being aware of nuances of the disclosures will … (4 comments)
The purpose of the new GFE and HUD forms required and to be used by January 1, 2010 is to promote consumer loan shopping. One of the premises of the mortgage mess is that the consumer was not clearly informed of their choices therefore standardized forms need to be drawn up so they can compare apples to apples. I just wish they would have thought to add a place for their signature on the paperwork...duh... Remember the GFE must be issued within 3 days of application. We need to be familiar with the new rules not to act … (5 comments)
Marie Funston with Coldwell Banker Mortgage always keeps us updated on changes in the lending industry (which this past year has been numerous). For further information you can reach her at 512-750-7270 or marie@austinmortgageadvisor.com. Her latest advisory is about the new FHA Requirements being implemented as of January 1,2010: Effective for FHA case numbers issue as of January 1, 2010, there are new requirements for FHA case numbers affecting all lenders originating FHA-insured mortgages: The new FHA requirements are in line with the Home Valuation Code of Conduct (HVCC), which became effective May 1, 2009, on conventional loans. Here … (2 comments)
home loans: Builders Downsize the Dream Home - 11/17/09 05:19 PM
As builders draw up blueprints for the house of the post-recession future, builders are struggling to distinguish among what home buyers need, what they want and what they can live without! Most builders say the post-crash buyers of new homes want smaller and simpler. I'm seeing they are attracted to quality not quantity. Some of the things the home buyer appears not willing to give up is 4 bedrooms, a powder room down, at least a 2 car garage, a master bedroom with its own bath (with separate shower and tub) and granite countertops! For the first time in almost … (64 comments)
If you imbed in your mid 3/7/3 you will remember the new MDIA rules! 3 days after application ~ An initial Truth-in-Lending (TIL) statement must be provided no later than 3 business days after receipt of the loan application. 7 business days after initial application ~ Waiting period ~ the borrower is not permitted to close until at least seven business days have passed since the TIL was placed in the mail or provided to the buyer 3 business days prior to closing ~ Waiting period ~ the borrower must receive an accurate APR on their TIL at least … (6 comments)
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Dorie Dillard Realtor® Canyon Creek NW Austin TX homes for sale
Welcome to my ActiveRain real estate blog and profile. I'm a Realtor with Coldwell Banker United and specialize in NW Austin. Once a school teacher I still like the learning process. Only now I enjoy learning what dreams my clients have and what I can do to help them.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
I received a good tip the other day from Joe Thweatt with AmeriPro Funding. Joe has been receiving feedback from the secondary market investors regarding HOA transfer fees. The secondary market is now requiring that any HOA transfer fees be included when calculating out a borrowers APR on their truth-in-lending forms. As we all know any increase in a borrowers APR of greater than .125% will require a re-disclosure and a mandatory 3 day waiting period. In the past this fee was not considered therefore had no impact in the APR calculation and did not figure into the equation in the … (15 comments)
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