disclosure rules: Are you Familiar with the Loan Quality Initiative?
- 05/06/10 07:36 AM
New Rule Makes for Bumpy Ride to the Closing Table This is really BIG news; new rule from Fannie Mae called the Loan Quality Initiative (LQI)! What it means is that in addition to “underwriting conditions” that may be required from the underwriter to close the loan, the loan must now be “audited” by a quality control person to double-check the underwriter. Yes, the loan will be "underwritten" twice—and not at the same time either! Here are some of the things they’ll be checking for: Borrower Identify Income Calculations Employment Source of Assets Appraisal Review MI CoverageWhile … (0 comments)
disclosure rules: How will the Changes in Credit Card Rules Affect You?
- 04/27/10 07:12 AM
Changes in Credit Card Rules?Why does your credit card statement look different these days? Why did you receive a 15-page disclosure from your credit card company? The Credit Card Accountability, Responsibility and Disclosure Act (commonly known as CARD – clever, huh?) required companies to change the way they did business! Here are some (not all) of the rules that went into effect on February 22, 2010. What Has Changed Cannot Raise Your Interest Rate for 12 months—unless you are late making your minimum payments. Cannot charge you a fee if you exceed your credit limit – You now have to … (2 comments)
disclosure rules: Adapt to the New Disclosure Rules
- 03/11/10 06:51 AM
Adapt Your Real Estate Practice to Meet the New Disclosure RulesAre you confused? If you are not, you are the minority. When new rules and regulations come out there is always confusion for a period of time until people are acclimated. I want you to be aware of some of the rules and regulations that mortgage lenders must comply with 100%. By working together we can insure that transactions flow smoother and close quicker. The Mortgage Disclosure Improvement Act (MDIA) Uniformity – Everyone must use the same Good Faith Estimate Business Days – Defined as Monday thru Saturday, EXCEPT holidays Re-disclosure … (2 comments)
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New Rule Makes for Bumpy Ride to the Closing Table
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