trid: TRID's First Large Casualty - 03/17/16 04:48 AM
TRID's First Large Casualty
 
 
     As more information is leaked comes out it appears that the closing of WJ Bradley is a result of TRID, the new set of bureaucratic regulations placed on our industry late last year.  Speculation is that WJ Bradley lost access to their funding lines as they were stuck with loans that couldn't be sold to investors.  
 
     How our market works for non-depository institutions (all direct mortgage lenders that aren't also banks) is that we originate and close loans with our own funds/lines of credit, then package & sell them to investors, freeing up those … (14 comments)

trid: TRID - Dream for Some, Nightmare for Others - 10/30/15 08:54 AM
TRID - Dream for Some, Nightmare for Others
 
 
     I'm about to close my first TRID loan.  It was one of the cleanest, easiest loan processes in recent memory.  If you follow my blog, you probably noticed me beating the TRID drum for a few months before the new rule's implementation on 10/3.  This was because I realized very early how important it would be to be prepared and have a process in place long before 10/3.  Many other professionals decided to wait.  Surely it wouldn't be implemented.  Surely it wouldn't affect the industry much.  Those same "professionals" are scrambling now. … (29 comments)

trid: Unless... - 10/06/15 06:03 AM
Unless...
 
 
You MUST be in a new home 6 months before you can take cash out with conventional financing...
 
...unless it's an inherited property, then you can waive the 6 month requirement
 
 
You MUST be in a new home 6 months prior to taking cash out...
 
...unless you meet the provisions for delayed financing
 
 
You CANNOT finance a condo that doesn't meet Fannie Mae or HUD requirements...
 
...unless you have investors that provide a non-warrantable condo program
 
 
You MUST have 5% of your own funds for a down payment if using a conventional high balance product...
 
...unless you buy a single unit, owner occupied property after December 12, 2015.
 
 
You MUST … (35 comments)

trid: TRID FAQ - 09/23/15 05:32 AM
TRID FAQ
 
     With the TILA-Respa Integrated Disclosure (TRID, that famous acronym for an acronym) right around the corner, I'm anxious to get started with the new way of doing business.  I'm looking forward to the implementation of TRID because for one, it's a "finally, we're getting this over with" moment since the implementation has been so long in the making, and already delayed once.  Also, I know TRID is going to be an opportunity to build a ton of new relationships because many lenders, title agents, attorney offices, and other important players in a purchase transaction are going to be … (46 comments)

trid: Another Cost of TRID - to the Consumer, of course - 07/16/15 08:39 AM
Another Cost of TRID - to the Consumer, of course
 
 
     5 years ago, if you asked the public, "Would you like new rules, regulations, authorities, and processes that would mitigate your risk when getting a home loan?", the answer likely would have been a resounding "YES!".
 
     If you asked the same group about a more realistic future, something along the lines of "Would you like your lender to have slightly less flexibility in screwing you with a bait & switch deal, but you'll have to pay hundreds, even thousands of dollars every time you buy a home to ensure this?", I … (21 comments)

trid: TRID Delayed - 06/18/15 03:56 AM
TRID Delayed
 
 
     The day we've all been dreading has been pushed back a couple of months.  The CFPB announced that implementation of the new discosures will not take effect until October 1, giving us all a few more months to worry about how many delays it'll cause for our business- yay!
 
     The delay is supposedly an administrative hiccup, coupled with a weird explanation from CFPB director Richard Cordray about it not being a good idea to roll something like this out around back-to-school time.  With that, I wholeheartedly agree.  I also don't think it's a good idea to roll it out … (84 comments)

 
John Meussner, #MortgageMadeEasy Walnut Creek, CA 484-680-4852 (Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA,) Ambassador large

John Meussner

#MortgageMadeEasy Walnut Creek, CA 484-680-4852

Walnut Creek, CA

More about me…

Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA,

Address: 23441 S Pointe Dr, Ste 110, Laguna Hills, CA, 92653

Office: (949) 247-7530

Mobile: (484) 680-4852

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