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Ted Rood
Senior Loan Officer , MB Financial Bank
on Tue Feb 2 2016, 11:18 PM
Global economic angst is alive and well. As long as that's the case, borrowers and lenders will be sitting pretty, there's going to be lots of folks who are able to save money on refis!
WN
on Sat Jan 23 2016, 10:34 AM
I have yet to miss a closing due to TRID. In fact I am still encouraging 30 day contracts here in Texas. If your Lender is taking 50 days. I suggest you find a new company.
on Fri Jan 22 2016, 12:26 PM
The problem with HMDA and wanting to be more "transparent" is most consumers don't realize that when they are asking for a LE or even a simple verbal rate quote, it is based on that snap shot, split second in the market of where rates are pricing at. If you go to another lender tomorrow, the rates will most likely be different from the previous days pricing. How does this help the consumer make an informed decision? Then they go back to the first lender and say "hey this other LO gave me a better price, why are you trying to give me a bad deal?" You may have a 50/50 chance of them even wanting to hear your explanation, let alone understand it. This hasn't solved the problem of helping consumers compare apples to apples for loan costs.
on Thu Jan 21 2016, 6:18 PM
That depends on the Lender. A
on Thu Jan 21 2016, 11:11 AM
KBYO Initiative failure is evident of the mortgage industry's lack of capacity to keep the borrower informed in a timely fashion.
WN
on Mon Jan 18 2016, 1:52 PM
I have not missed a closing yet! In fact I closed one in 8 working days including the appraisal!! Its all based on how your Ops handles the workload. I am with Movement Mortgage and we have it down pat!!
on Mon Jan 18 2016, 5:20 AM
We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed. We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively. Email: Kangheeil64@gmail.com Skype: Kangheeil64 Regards Kang Hee Il
on Sun Jan 17 2016, 2:30 PM
Hi If you need help in stopping your foreclosure email Bob at bobconstruction@hotmail.com, we help you pay your back defaults missed payments. We do not excepted any upfront cash from you. We are only paid a month fee on our money we lend to make the back payments. NEVER EVER pay anyone any money until you see proof of what they can do. For more infomation, email us first and then we will exchange phone numbers. We are private lender consulting services, we are new but very experienced.
Ted Rood
Senior Loan Officer , MB Financial Bank
on Wed Dec 30 2015, 10:57 AM
So typos may now be the main concern for TRID loans. Great. Listing fees in alphabetical order is certainly something my borrowers always rely on, NOT!
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Tue Dec 29 2015, 6:32 PM
I earlier commented on the wholesale bank taking 7 days and I meant to comment that initially per TRID requirements the wholesale bank needed to act within 7 days, and thus this cost the loan originator the 7 days plus the loan originator had to start all over in originating a new loan in its place! I fortunately have had no loans to broker (all in house) since TRID enacted, but still getting used to the new requirements and added waiting period (s).
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Tue Dec 29 2015, 1:54 PM
Interestingly enough, with two increased waiting periods under TRID (3 days each) the fact that there was only an average increase in length of loans of 3 days should be viewed positively. Even if you have enough loans initiated prior to October 3 funding in November that made the difference seem lower it is still surprising. Many of us expected delays to be from 5 to 11 days! There were likely some of those, particularly for anyone who brokered some of their loans. One brokered loan I was told took that wholesale bank more than seven days even though the individual brokering it was precise. That meant it had to be originated all over again! It could be with all the concerns, many lenders were just becoming better at moving their loans thru the pipeline!
Ted Rood
Senior Loan Officer , MB Financial Bank
on Thu Dec 24 2015, 4:01 PM
Have to concur that there's no push to lock today, given the conservative holiday weekend rate sheets. Wait until Monday, if you've floated this long already.
Ted Rood
Senior Loan Officer , MB Financial Bank
on Thu Dec 24 2015, 3:12 PM
Just had a closing delayed due to TRID. My borrower received her CD at 11:02 PM Central time Wednesday 12/23. We planned to close 3 business days later, on Monday 12/28. Our system, however, is based on EAST COAST TIME, so it shows the CD received at 12:02 AM 12/24, which postpones closing to 12/30. Thanks, TRID, for messing up both a buyer's and seller's plans!
on Wed Dec 23 2015, 12:15 AM
It also seems like overkill also to have the waiting period on refinances. There is already a 3 day recission period. Duplicating it only ensures every borrower who is refinancing effectively delays the benefit of the refinance by an extra batch of TRID generated days.
on Wed Dec 23 2015, 12:11 AM
Marjorie--these disclosures were created by the Consumer Finance Protection Bureau with a long process of input from the general public. They are deemed the most "easy to understand". Unfortunately, they do little to address a) the cost benefit of the different options available to meet specific financial goals of homeownership b) whether or not the house price is on the high end or low end of the price spectrum, and therefore don't really do much to 'protect' consumers any more than the old ones. The disclosures may be of value if lenders bring back the 'exotic' loan days of subprime, negative amortization or prepayment penalty loans, but for now this is overkill ad nauseum.
on Tue Dec 22 2015, 9:57 PM
So here is whats strange if I have 3 days after the close of a refinance whats the point of TRID again? The industry is also highly regulated with rediscosure after rediscosure throughout the process if something hasn't been read after all this I don't thing borrowers will read loan period. Just saying hmm and don't mention how confusing the forms are dumb it down and a consumer might actually understand what they're reading. What sense does it make to provide disclosures that only those in the lending industry can understand
Ted Rood
Senior Loan Officer , MB Financial Bank
on Mon Dec 21 2015, 1:43 PM
I'm surprised the % of cash sales is still this high, given reduced REO inventories.
Ted Rood
Senior Loan Officer , MB Financial Bank
on Fri Dec 18 2015, 1:47 PM
"As always it is best to consult your attorney on potential gray areas/issues such as this"......go figure, gray areas in mortgage industry? Who knew?
Ted Rood
Senior Loan Officer , MB Financial Bank
on Tue Dec 15 2015, 2:45 AM
"Brady Bunte, who owned and operated Trust One Mortgage, wasn't to be trusted". Oops! Talk about false advertising!
Ted Rood
Senior Loan Officer , MB Financial Bank
on Tue Dec 15 2015, 12:39 AM
By the way, here's a link to the followup article on this I wrote for Mortgage News Daily earlier this year: http://www.mortgagenewsdaily.com/channels/community/07102015-fannie-mae-program.aspx#{uname=trood}
Ted Rood
Senior Loan Officer , MB Financial Bank
on Tue Dec 15 2015, 12:37 AM
Hi Patricia. Fannie offers this program for all homes, whether they are being sold by a private seller, listed with a realtor, or owned by a bank/agency such as Fannie Mae. There isn't a formal "Family Opportunities Mortgage" program, Fannie residency guidelines state that Fannie considers homes purchased for disabled or senior family members as owner occupied, provided certain conditions can be met. Typically the occupant is not on title, so there are no Medicaid, SS, or other concerns since the home isn't an asset for the resident, just for the family member who buys it. I've done many of these loans all over the country, and it's amazing to me that most of my clients have gotten inaccurate information from other lenders on such a wonderful program that helps all involved. I'm always glad to provide more info, and write loans in all states, Please let me know if you have more questions, glad you liked my article!
on Mon Dec 14 2015, 10:45 AM
Patricia, you are posting to a pretty old article by the way. What you are looking for is the FNMA/DU Family Opportunity Program. The disabled adult child must be unable to work or has insufficient income to qualify and will occupy as primary residence. This is typically considered a Fannie product but a lender may also market this under Freddie as well. If your lender hasn't heard of it then keep shopping. If you have a branch of Universal American Mortgage Company or Eagle Home Mortgage in your area they will be happy to help you out. Good luck.
Ted Rood
Senior Loan Officer , MB Financial Bank
on Fri Dec 11 2015, 9:35 AM
The biggest question may be which reality show we're talking about here. "Survivor " seems possible, "America's Biggest Loser" could apply for originators hoping for 3.5% c30 rates, and "America's Got Talent " could pertain to savvy lenders who follow MG's lock advice, subsequently optimizing their clients' oricing.
on Tue Dec 8 2015, 2:33 PM
Both the GSEs and large banks were bailed out by the federal government. Having the too big to fail banks take over for F/F under the guise that they would prevent another bailout would be laughable if it wasn't so depressingly absurd.
on Tue Dec 8 2015, 6:58 AM
Eliminating F&F would eliminate competition under the guise of protecting the tax payer. We have already seen the government and tax payers subject to risk bailing out private banks and private insurers. While F&F may need to be reformed in another manner, eliminating them would be bad for the consumer and will crush many small independent mortgage banks. I am not sure how people do not see this. There are other more important issues for small IMBs that the MBA need to address to keep them as ongoing concerns.
Ted Rood
Senior Loan Officer , MB Financial Bank
on Mon Dec 7 2015, 1:00 PM
Great, homes appreciating EVERYWHERE except St Louis (where I live!). As far as the 97% conforming loans cutting into FHA's market share, in my experience, buyers who are good enough to go conforming end up doing at least 5% down, now that gifts are allowed for the entire down payment and closing costs, if necessary.
on Mon Dec 7 2015, 10:45 AM
The article above cites "CDs aren't necessarily required to be signed". Can you point me to where in TRID it says this please? Thank you. Keith
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Wed Dec 2 2015, 2:51 PM
All mortgage loans submitted Oct 3 or later had to fall under TRID guidelines. Rob Chrisman states the increase in average days goes from 47 to about 47.2 for closing of FHA loans from Sept to Oct. Immediately following, Rob states Realtors not noticing any difference in TRID while some realtors have noticed a delay in closing. Could it be that most loans submitted under TRID did not fund until November accounted for many realtors not experiencing any delays? As the article states there are many lenders on top of dealing with TRID but until things are smoothed out with realtors, escrow/title companies...we include new waiting periods for when an appraisal can be ordered, along with time period after issuing the CD...one must account for longer periods to closing then pre-TRID. Some of us who count on shorter periods than average to closing to get business must account for the increased waiting times at the very least.
Larry Gray
Senior Mortgage Banker, Mason-McDuffie Mortgage Corporation
on Tue Dec 1 2015, 7:45 PM
My suggestion in regards to getting the escrow/title officer on board with providing information to you so you can issue the CD more quickly: create a form that clearly shows and makes it easy for them to fill in exactly what you want completed from her/him. Tell them you must have it completed by the end of the day or by 12 noon the next day if late in the day! Good luck everyone!
on Sat Nov 28 2015, 3:39 AM
Black Knight, formally Lender Processing Services, aka Linda Green and DocX! Criminal outfit that changed their name. Admitted to submitting over ONE million forged, fraudulent documents into the land records. Department of justice, appendix A, LPS, google it.
on Sat Nov 21 2015, 11:58 PM
DO realize that the type of lender you use will make a difference in how quickly you can close a transaction even with Trid, and if you are told automatically that you must accept a longer closing date, you'll want to make a few phone calls to a company that actually is ahead of the curve on Trid. DON'T assume that all lenders are going to encounter delays because of Trid, because some prepared for the reality that Trid would be implemented no matter what, while others chose to be in denial that it would happen and then scrambled at the last minute to adapt (as they did with HVCC, GFE 2010, etc).
 

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