Category Archives: PEMCO News
Was TRID all Bark, but no Bite?
Photo credit: Lendingmemo.com Early analysis shows little change in number of mortgage originations Leading up to the October 3rd implementation of the Consumer Financial Protection Bureau’s (CFPB) TILA-RESPA Integrated Disclosures (TRID) rule, there was much buzz and naysaying about how this would affect the mortgage industry, especially originations. A month in, TRID doesn’t seem […]
Read More →Appraisers and Lenders Can Lessen TRID’s Impact by Doing This
Photo credit: Alex TILA-RESPA Integrated Disclosures (TRID) mostly affects lenders and borrowers, but it can also affect the appraiser’s ability to increase their fees relative to the initial fee disclosed in the Loan Estimate, if there’s not a valid ‘change of circumstance’. With TRID potentially adding up to two more weeks to the closing […]
Read More →The Impact of TRID on Appraisers
Photo credit: Ron Frazier Appraisers shouldn’t fear the new rules The new TILA-RESPA Integrated Disclosure (TRID) rule for mortgage loan applications is here, and while there’s been many stories about how TRID will affect lenders and borrowers, there’s not much information on how appraisers would be affected. With the newly implemented TRID, once borrowers […]
Read More →Bipartisan-Sponsored TRID Grace Period May Happen
Photo credit: Ted Eytan Fannie Mae and Freddie Mac establish an indefinite grace period Despite the White House threatening to veto, the House passed the Homebuyers Assistance Act (HAA), which is bipartisan-sponsored legislation allowing a four-month grace period for lenders working in good faith to comply with TILA-RESPA Integrated Disclosures (TRID). Mortgage and housing industry […]
Read More →Four Reasons Why Lenders Should Look Forward to TRID
Photo credit: Scott Lewis With many talking about what to expect starting October 3 and with much of this talk centering on what NOT to like about the changes, there are many who think that the new mortgage disclosures, officially known as TILA-RESPA Integrated Disclosures (TRID) are not only about appeasing regulators but it’s […]
Read More →This is How Lenders are Preparing for the New Mortgage Rules
Photo credit: Single Rent Inmobiliaria Industry fears technology delays Mortgage lenders and real estate agents are preparing for the October 3 implementation of a law that will change the way home sales are processed. Although these changes are prompted by the five-year old Dodd-Frank financial law, they are intended to help consumers get more clarity […]
Read More →Making Housing More Affordable
Photo credit: Fumigene From analysis of the issue to putting programs in motion The MacArthur Foundation recently released the results of the “How Housing Matters” survey where 1,401 Americans were polled about housing affordability. The survey found that the “majority of Americans believe that government from the local to federal level is serious about […]
Read More →FHA Tweaks How It Determines Lender Performance
Photo credit: Simon Cunningham Loan performance deterioration will be more of the focus rather than loan mix. Federal Housing Administration (FHA) lending to consumers with less-than-perfect credit scores continues to decline; with many in the industry calling for opening the credit box to allow more consumers with lower credit scores to obtain mortgages. Credit […]
Read More →Fannie Mae’s HomeReady Program to Debut in December
Photo credit: nikcname Tweaked home buying program helps low-to-moderate income households. Fannie Mae’s MyCommunityMortgage has been overhauled and renamed HomeReady, and set for a December start. The reset of the mortgage program for low-to-moderate-income households was made to better accommodate today’s financial and familial realities: acknowledgement that many borrowers share finances and homes with extended […]
Read More →Marketplace Lending Coming to Table with Traditional Mortgage Companies
Photo credit: Lendingmemo.com Possible industry disrupter poised to help benefit both The growing marketplace lending sector wants to disrupt traditional financial services with online platforms that connect institutional investors with borrowers. In real estate, marketplace lenders are also known as alternative or peer-to-peer lenders and they have focused on bringing loans to underserved niches […]
Read More →