Source: http://www.federalcriminaldefenseblog.com/2011/08/articles/mortgage-and-foreclosure-fraud/real-estate-market-may-be-down-but-mortgage-fraud-rising/
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
Friday, March 16, 2012
Saturday, March 10, 2012
New Mortgage Disclosure Paperwork - Confused yet?
We are in a period of transition in real estate - from common sense to "dumbing down confusion".
As a home buyer purchasing a home or a homeowner refinancing your home, you will son be presented with two newish forms - GFE and Settlement Disclosure.
The GFE form essentially will look like this: GFE Format
The two draft Settlement Disclosure forms (Butternut and Hemlock) are under review but are to be published in August 2012.
I find it sad and humorous that the Consumer Financial Protection Bureau (CFPB), charge with protecting consumers, places the closing attorney charges on both forms are under "Services that the Buyer did not not shop for" and yet the title insurance issued at closing depends on who the closing attorney uses or prefers. Where's the consumer protection placed here?
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
As a home buyer purchasing a home or a homeowner refinancing your home, you will son be presented with two newish forms - GFE and Settlement Disclosure.
The GFE form essentially will look like this: GFE Format
The two draft Settlement Disclosure forms (Butternut and Hemlock) are under review but are to be published in August 2012.
I find it sad and humorous that the Consumer Financial Protection Bureau (CFPB), charge with protecting consumers, places the closing attorney charges on both forms are under "Services that the Buyer did not not shop for" and yet the title insurance issued at closing depends on who the closing attorney uses or prefers. Where's the consumer protection placed here?
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
Friday, March 2, 2012
HUD - FHA raises monthly & upfront Mortgage Insurance Premiums...again
Per the recent HUD press release, the Temporary Payroll Tax Cut Continuation Act of 2011 requires FHA to increase the annual MIP it collects by 0.10 %. This change is effective for case numbers assigned on or after April 1, 2012. FHA is also exercising its statutory authority to add an additional 0.25 % to mortgages exceeding $625,500. This change is effective for case numbers assigned on or after June 1, 2012.
The UFMIP will be increased from 1.0 % to 1.75 % of the base loan amount. This increase applies regardless of the amortization term or LTV ratio. FHA will continue to permit financing of this charge into the mortgage. This change is effective for case numbers assigned on or after April 1, 2012.
Source: http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2012/HUDNo.12-037
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
The UFMIP will be increased from 1.0 % to 1.75 % of the base loan amount. This increase applies regardless of the amortization term or LTV ratio. FHA will continue to permit financing of this charge into the mortgage. This change is effective for case numbers assigned on or after April 1, 2012.
Source: http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2012/HUDNo.12-037
References to products and services are not a specific endorsement, but the user must perform their due diligence and investigate whether the product or service is right for them. I welcome any or all comments that would help others.
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