borrower: CFPB: Goodbye, Mr. TRID! - 11/20/19 02:47 PM
The CFPB (Consumer Financial Protection Bureau) has been reviewing and verifying several rules that they have implemented in the past, and the one that remains to be reviewed is the TILA-RESPA Integrated Disclosure rule, the TRID rule for short. It seems that eliminating the rule completely will be a possibility.
The TRID rule, implemented the Dodd-Frank Act directive to combine certain types of mortgage disclosures that consumers receive under TILA and RESPA, which require all creditors to submit standardized forms to perform any transaction. The rule also requires creditors to provide loan estimates and closing disclosures within three business days.
Since October 3, 2015 (when it … (1 comments)

borrower: Mortgage application drops as rates increase - 05/21/19 09:58 AM
Mortgage sales and applications saw a big drop through all of April. There’s been a huge growth on external economies (mainly european), this normally leads to an increase in local concerns and fears. As a consequence, we’re seeing an increasing drop on new mortgage acquisition and even less activity on the refinancing area.
 
“Borrowers remain extremely sensitive to rate changes (…) The strong economy and job market is keeping buyer interest high, but rising mortgage rates could add pressure to the budgets of some would-be buyers.” said a representative of the Mortgage Bankers Association (MBA).
 
But overall, the stability of the full housing … (0 comments)

borrower: Mortgage delinquency, lowest in 20 years - 03/20/19 08:41 AM
 
Mortgage delinquency* and foreclosure rates have reached their lowest point in 20 years (in the USA alone). 4.1 percent of mortgages were in some kind of delinquent breach (in November 2018). [Source]
This has been a consequence of the solid rise in home equity, and the fall of high risk loans in the market, generating a secure and solid base for old and new homeowners looking for a mortgage.
*Mortgage delinquency occurs when a borrower fails to facilitate the necessary payments stated on a loan contract. Loans are dependent of the due dates of scheduled payments. Failing to establish payment gives the lender permission … (2 comments)