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on Fri Oct 2 2015, 3:08 PM
@Ted Rood. As a title company professional, I have to disagree with the information you received from your title company rep. TRID and the CFPB Rule, only applies to buyers who are financing. The 3-day rule for reviewing documents does NOT apply to sellers.. Having said that, there should be no reason why a seller cannot receive their information earlier than they have in the past, since lenders will want the Closing Disclosure completed 10 days before closing for the 'mail box' rule adherence. Due to massive fraud with certified checks, title insurance underwriters are requiring agents to only accept wires versus certified funds. It will be difficult for a person to sell a home and then purchase a home in the same day unless the same title company is used for both transactions.
Justin Harward
Originator / LO, Great Western Bank
on Thu Oct 1 2015, 9:22 PM
To the liberals who created the CFPB (Frank/Dodd), credit and income go hand in hand with race and ethnicity. In one breath they'll proclaim lenders need to lend to groups of people who can't meet CFPB's own qualified mortgage requirements. So they blast them for not lending to minorities and then blast the lenders for making these "high risk loans" - well, which is it??
Michael Gannon
Executive / Management / Banker, United Northern Mortgage Bankers Ltd.
on Mon Sep 28 2015, 9:38 AM
Its amazing isn't it Jeffrey Miller
on Sat Sep 26 2015, 6:48 PM
My loan was just transferred from Ocwen to Shell Mortage Servicing and they added their own PMI coverage product without my authorization and without notice to me then sent me a notice trying to collect the amount they had deducted from my escrow account that's built into my loan to cover property taxes. How can they get away with that?! The letter I got saying I have a shortage in escrow is hyper vague and they abbreviated and hid as much as possible the cause of the shortage which was the addition of their own PMI insurance product. My Mortage was modified through a class action settlement and never had this included before or after. As well stated no change in monthly payments until 2018. Is there a class action suit or investigation against these acts of mortgage payment padding? Just1Garcia at yahoo
on Thu Sep 24 2015, 9:00 AM
Today's Mortgage News
on Tue Sep 22 2015, 10:46 PM
Honestly, Mr Cordray, what qualifies or empowers you or your agency to regulate market competition? Government market and price controls have been failures throughout our countries history. Your actions have driven up costs for borrowers and eliminated sectors of lower cost competition, resulting in less available credit for lower income borrowers. The mortgage markets collapsed more from wall street greed which fueled the housing bubble and which resulted in many home loans that were really not underwritten. Your avalanche of regulations has closed the barn door after the horse had returned to its stall. The industry had made effective corrections to eliminate excessive risk before you were even appointed to your position. Your mandate is to educate and inform consumers, equip them to make sound decisions, not regulate the mortgage market. It isn't all bad, the LE and CD are improvements for consumers. Unfortunately some of the rules surrounding them are not well considered. Implementation as designed currently is going to be problematic at best. Please educate and inform consumers and do a better job of assessing the real costs of heavy handed regulation. How many low cost mortgage originators have been forced to close under your regime?
Ted Rood
Senior Loan Officer , MB Financial Bank
on Tue Sep 22 2015, 5:14 PM
I spoke with a title company rep today on TILA. Her concern was that the SELLER also has to get their CD 3 days prior to close, and that for transactions with 2 title companies and multiple parties buying/selling, there would likely be difficulty proving everyone got the disclosures as required by law. She mentioned "domino" transactions, where seller A buys seller B's house, and seller B in turn buys seller C's on the same day. Lots of potential for delays, and when one domino doesn't fall as planned, neither do those after it.
on Sat Sep 19 2015, 10:35 AM
Very funny that the criminal banking class complains about crime being committed against them. Banking class has been fined BILLIONS for THEIR crimes. Do you need a list?
on Fri Sep 18 2015, 12:35 PM
The Fed has created every bubble and bust since it's inception. See "Money for Nothing: A History of the Federal Reserve" on Netflix. Keynes idea was to smooth out the buisness cycle with government deficit spending and tax cuts during down cycles, the pay back the deficts, cut spending, and raise taxes during up-cycles. The latter never happens because it's politically impossible, so we have spiraling unsustainable debt. Fiscal policy -- taxes and regulations -- is not in the Fed's jurisdiction. And the Fed has no answer for Deflation. This will not end well.
Ted Rood
Senior Loan Officer , MB Financial Bank
on Fri Sep 18 2015, 12:18 AM
@Sandra Wade: There are many factors that determine a given loan's rate and APR, including scores, loan to value ratio, and lender credit/discount charge. An APR of 4.125% is certainly not overtly high, and may be reasonable pricing, particularly if your scenario is not "best execution" and/or you are getting a lender credit towards closing costs. That being said, cancelling a loan and lock involves an ethical discussion as well. You've engaged a lender who has invested time/effort/expertise (which are our most precious resources), and in return you want to cancel the loan when rates drop slightly? How would you feel if rates rose, and a lender delayed your closing until the lock expired to avoid delivering the promised rate? Pretty perturbed is my guess. Bottom line, if you're going to cancel your loan every time pricing moves during the loan process, you shouldn't have locked in the first place. There's nothing wrong with asking your lender if rates have improved enough to warrant a lock renegotiation (where a portion of the improvement is passed along to the borrower), but expecting a lender to commit to processing/closing your loan at the locked rate, then bailing on the loan solely due to marginally better pricing is disingenuous. If you retained an attorney on a contingent fee basis, then another promised to charge slightly less, would you fire the first attorney even if he had spend considerable effort on the case and performed as expected? Why would a loan be looked at any differently. Sorry if this sounds a bit harsh, but I think sometimes borrowers don't understand (or don't want to consider) the time/effort that loans entail. Just my two cents worth.
on Thu Sep 17 2015, 9:25 PM
Here's my question??? on a lock of 4.125 APR...Refinance Freddy Mac What's wrong with canceling the application and resubmitting? Anyone?
Frank Ceizyk
Producing Branch Manager, New American Funding
on Thu Sep 17 2015, 4:24 PM
Kind of interesting to read this today in the NAR weekly report in light of this article: where are owners getting this perception? Certainly ensures a lot of business for appraisers and AMCS. Owners Overvalue Homes by Larger Margin For the seventh straight month, the gap has widened between what owners say their home is worth compared to what appraisers say, reports Quicken Loans. Owner estimates now stand 2.65% higher than appraiser opinions, the largest gap in more than a year. See owners' versus appraisers' value perceptions by metro area here.
Frank Ceizyk
Producing Branch Manager, New American Funding
on Thu Sep 17 2015, 1:22 PM
So Mike it is your assertion that Lenders are controlling the unsustainable price fluctuations, and that you as an appraiser, are an unwilling, but complicit contributor to this? Please explain thi "Contract Price Review by Appraisers" and how it supports the de facto Corecion accusation.
Mike Kennedy
on Thu Sep 17 2015, 12:01 PM
Frank, as long as Lenders are permitted to mandatorily demand Contract Price Review by Appraisers ( de facto Coercion) - the players may change but the Game remains the same. HIT THE CONTRACT PRICE BULLSEYE OR DIE.
Frank Ceizyk
Producing Branch Manager, New American Funding
on Tue Sep 15 2015, 11:59 AM
So the next logical question is; without subprime lending to blame, and with a random appraisal system that is supposed to prevent 'overvaluation', why does this continue to happen?
on Mon Sep 14 2015, 10:22 AM
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on Fri Sep 11 2015, 5:28 PM
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on Tue Sep 8 2015, 11:10 AM
@CompetitionBenefitsConsumers I think you don't understand my POV. Agree. My statement could lead one to believe that the CFPB in accountable to the American people. Its worded incorrectly, as that was not my intention. I meant to emphasize that I like the fact that the agency in not accountable to Congress. Congress is already controlled by money from big donors, and the multi-billion lobbyists that back them. I trust and independent organization more so than our current puppets in Congress.
on Mon Aug 31 2015, 3:44 PM
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on Mon Aug 31 2015, 3:44 PM
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