Written By: Tammy Butler, Master CMB The CFPB continues to clarify industry questions from lenders regarding TRID disclosures and RESPA requirements. In this update the bureau addresses, construction loans. Interpretive Comments: Collecting data and watching for trends in our industry is one of the many tasks performed by STRATMOR Group, a mortgage industry advisory firm. [...]
Written By: Tammy Butler, Master CMB The CFPB continues to clarify industry questions from lenders regarding TRID disclosures and RESPA requirements. In this update the bureau addresses construction loans. Rule Synopsis: Periodically, the CFPB issues clarifications to the very complex TRID-RESPA rules. They communicate these clarifications through the TRID-RESPA FAQs, which we have attached below [...]
If you own your own land, FHA just made it easier to get financing! There are no longer any time restrictions on how long you owned the land, and you can use the equity in your land for your required downpayment. PM me for details.
Related Article Title: FHA-Construction to Permanent and Building on Own Land Programs, Mortgagee Letter 2019-08, May 16, 2019 – Effective by June 17, 2019 or Immediately – NEW MTP™ – Interested In Building Your Own Home on Your Own Lot? Written by: Tracey Rumsey, Staff Writer FHA is providing a great update to their new [...]
Awesome Condo News! Freddie Mac will now allow a lender to utilize a project approval from the HUD Review and Approval Process for existing condo projects!
Related Article Title: Freddie Mac- Multiple Selling Guide Updates – Bulletin 2019-11 – Dated June 5, 2019 – Effective Immediately Written by: Lloyd Rutherford, Staff Writer This update includes some very important condo changes that could expand your business niche, so be sure to read through all of the details. Rule Synopsis: Freddie Mac is [...]
Related Article Title: Fannie Mae and Freddie Mac – Agencies Announce LIBOR Index Limitations – Fannie Mae LL2019-05 and Freddie Mac Bulletin 2019-10 – both dated May 17, 2019 Written by: Lloyd Rutherford, Staff Writer With interest rates at historic lows, ARMs are not as popular as they used to be. Yet, this is big news from [...]