Nov 19, 2012 10:41AM

FHA Change to Impact FHA Refi Biz - Ouch!; CFPB Postpones One January Deadline

"Be good to your neighbor - they know where you live!" The Pilgrims did not have many neighbors, but in the in the fall of 1621 they held a three-day feast to celebrate a bountiful harvest, an event many regard as the nation's first Thanksgiving. Historians have also recorded ceremonies of thanks among other groups of European settlers in North America, including British colonists in Virginia in 1619. The legacy of thanks and the feast have survived the centuries, as the event became a national holiday...

Nov 19, 2012 11:32AM

Loan Processing Time Increases to 54 Days for Refi's

Applications for mortgage refinancing encountered increased processing time again in October when it took an average of 54 days to close a loan, an increase of four days since September, according to the Ellie Mae's Origination Insight Report released Monday. This is ten days longer than the average time to process an application for a purchase mortgage and is an increase of 11 days over the last 12 months. Ellie Mae reports that the share of refinancing increased from a 65 percent of all closed...

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Today's Comments

Ira Holmes

"Is that the best loan for the borrower? TV$ says the 15yr loan will build equlty faster, but at a cost. If I can give the lender "cheaper dollars"..."

Paul DeSanctis

"This is great, although I was just blamed the other day for blaming people who blame others. I think this is the key. I was talking with a US Bank exec..."

Jana Holmstrup

"Don't be so cynical Bryan, it's not that bad! And we shall overcome ;)"

Today's Q&A

"Can the lender ask for AIM Fees($999) to be paid before closing?"

"transfer ownership to children"

"fees in a streamline FHA loan"