TRID – Will it Change 30 Day Closing Dates?

"TRID" Is 2 Weeks Out - Will 30 Day Closings Survive? TRID and October 3rd, 2015 have some Real Estate and Mortgage professionals frantically running in every direction like an earthquake has hit and no one knows where to go for safety.  The TRID-quake has not hit, and never will.  TRID's industrywide changes have (for some) just about as much unnecessary hype as all previous mortgage industry changes did.  Remember Dodd Frank, LO comp changes, appraisal changes etc... It's like is December … [Read more...]

New “HomeReady” Mortgage Program Makes Buying Easier

Fannie Mae to Release New Mortgage Loan - "HomeReady" Slated for the end of September of 2015:  a low down payment Conventional mortgage program is set to make home buying more attainable for low to moderate income households.  This is the 2015 version of an old program called "MyCommunity" that was also backed by Fannie Mae.  Fannie Mae is calling this reborn version "HomeReady."  While there is not an exact release date (just "end of September 2015"), I want to share what to … [Read more...]

Mortgage Lenders Paying For Realtor Business On Last Leg

Mortgage Lenders Paying for Business May End Soon Mortgage Companies that essentially pay Real Estate Companies for business (aka - "MSA’s") may soon be a thing of the past.   This article (click HERE) does a great job of outlining the current landscape.  I expect builder preferred lender deals to unwind at some point in the not too distant future as well.   This change however is not about MSA’s specifically.  It’s about the Fed dissolving a concept that an MSA happens to be geared around … [Read more...]

HOME in 5 Down Payment Assistance Program Changes Fees

HOME in 5 Updates Fee Structure and Grant Total As we anticipated, HOME in 5 has undergone a few changes in response to the OIG’s recent investigation.  The changes in this case are much simpler than the changes we saw come through last week for HOME PLUS (click – HERE  for more on HOME Plus).  Quick recap, the issue the OIG had was that the discount point charged on the HOME in 5 program was not being used to lower the borrower’s rate.  This prompted changes with HOME Plus last week and … [Read more...]

HOME Plus Down Payment Assistance Program Gets Facelift

HOME Plus Down Payment Assistance Gets Face Lift The OIG/HOME in 5 investigation/aka – “witch hunt” (click HERE for more on HI5)  is directly impacting another well-known and frequently used down payment assistance program – HOME PLUS.  The issue the OIG had with HI5 was that the discount point charged was not being used to lower the borrower’s rate.  Not surprisingly, HOME PLUS has proactively adjusted their guidelines IMHO to avoid a similar fate. What is New with Home Plus: 1.      No … [Read more...]