The CFPB just released a statement delaying the full implementation of the complex TILA-RESPA Integrated Disclosure. WASHINGTON, D.C. — Today, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray issued the following statement on the Know Before You Owe mortgage disclosure rule: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until October 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements...Continue Reading!
Interest rates have broken out of technical areas today. This chart of the 10 year note correlates with the direction of mortgage rates. Over the past 3 days we've seen a 1/4% increase in rates, and over the 2 months it's up 3/4%. This will hurt potential buyers to qualify for loans, but also drive procrastinating buyers off the fence. If you are in the Los Angeles area, have any questions or real estate sales or financing needs, feel free in contacting...Continue Reading!
The Consumer Financial Protection Bureau will not delay implementing the complex TILA-RESPA Integrated Disclosure requirements that go into effect Aug.1, but there will be a good-faith enforcement grace period that both the mortgage industry and a bipartisan coalition in Congress have asked for. The TRID rule, which was brought forth by the CFPB, has a sweeping impact on the real estate market through the implementation and compliance costs it requires. David Stevens, chairman and CEO of the Mortgage Bankers Association, told HousingWire...Continue Reading!
A Chapter 7 bankruptcy proceeding may not void a junior mortgage lien when the debt owed on a senior mortgage lien exceeds the current value of the collateral if the creditor’s claim is both secured by a lien and allowed under the bankruptcy code. This technique was disallowed by the Supreme Court this Monday June 1. The Court’s unanimous ruling impacts the right of junior lien-holders to collect on loans in the event of a debtor’s declaration of bankruptcy and the...Continue Reading!
It’s well known that the majority of the real estate and finance industries are not fully prepared for the impact of the upcoming Truth in Lending/RESPA Integrated Disclosure (TRID). As a Delegate from California at the National Association of Mortgage Professionals Convention in April, one of the subjects we discussed with our representatives was the impact TRID was going to have on real estate transactions, especially since the implementation date is August 1, during the primary buying season. (not good timing) Our...Continue Reading!
California housing costs will remain high going into the future. It's a matter of supply and demand. Even though the quantity of new housing construction permits have been going up over the past few years, the quantity is no where close to where it needs to be to house the household growth of 165,000 per year. If you are in the Los Angeles area, have any questions or real estate sales or financing needs, feel free in contacting me. Ron Henderson GRI,...Continue Reading!
The old 680 is today's 740... Income is one of the parameters used to qualify for a mortgage, but the rate and loan to value will be determining factors what your interest rate will be. I'll be conducting another workshop this Saturday May 16 for the Economic and Financial Education Council on how to improve your credit score.Learn how your actions, even if you thought would benefit your credit rating, could hurt you. Learn the tricks of the trade, and how...Continue Reading!
August 1, 2015 will be the first day TRID will have it's impact on the entire real estate market. Unfortunately the majority of those in the industry are still naive on what TRID is, and how it will effect real estate transactions. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) directed the Consumer Financial Protection Bureau (CFPB) to integrate the mortgage loan disclosures under the Truth-in-Lending Act (TILA) and the Real Estate Procedures Act (RESPA). The documentation will be...Continue Reading!
FICOs and credit scoring has a huge influence on you getting approved for a mortgage, and what your interest rate will be. Learn how your actions, even if you thought would benefit your credit rating, could hurt you. Learn the tricks of the trade, and how underwriters (and computers) look at you. Just a few rating points can mean thousands of dollars. Gain knowledge on how to better your financial health. This is a free educational seminar sponsored by the Economic...Continue Reading!
Hear the latest on what's happening in Washington DC, and how it will affect the real estate industry and consumers. As a California delegate, Ron Henderson will present an overview on what transpired at the National Association of Mortgage Professionals Legislative and Regulatory Conference. Hear how Dodd Frank Regulations are being implemented, and how Elizabeth Ellis (Deputy Assistant Director of CFPB), Congressman Sean Duffy (Chairman of the House Financial Services), the new FHA Commissioner and other influential political representatives are...Continue Reading!