Currently viewing the category:
"Government Influence"
The Mortgage Disclosure Improvment Act (MDIA)that went into effect in July, 2009 was intended togive consumers protection against new mortgageterms being disclosed just prior to the closing of thetransaction. The intent is good. There had been too many “baitand switch” strategies perpetrated on borrowers byunscrupulous mortgage originators. Originators would encourage a loan application forterms that [...]
Continue Reading →We are finishing up a trying year in the mortgagebusiness. After last year’s near-death experiencewith economic calamity, the federal governmenthas been doing everything it can to prevent anychance of a recurrence of the events that led tothe “mortgage meltdown”. Because the government is so involved in theprocess, it is important to understand that thelenders are [...]
Continue Reading →There have been two significant programs in place thisyear that have contributed to any housing recovery thatwe have been experiencing. Both had deadlines that threatened to turn their coachesinto pumpkins, unless Congress pushed through legislationthat would allow them to continue. First, the first-time home buyer tax credit of $8000 wasscheduled to expire as of November [...]
Continue Reading →A few issues back, I wrote about a new governmentregulation called the Mortgage Disclosure ImprovementAct (MDIA). It calls for new procedures to tightenthe Truth In Lending disclosures and provides theborrower with times to digest the information theyare provided before they can close the transaction. The regulation takes effect with applications thatare begun on or after [...]
Continue Reading →Recently, I have written about the new HomeValuation Code of Conduct (HVCC) that requiresthe use of intermediaries to place the appraisalassignment. The intent was to eliminate anyundue influence by the loan originators whenordering the appraisal and to insulate theappraisers from pressure to “hit a number”. As outlined, this new process creates more steps,less communication, and [...]
Continue Reading →SAVE MONEY & AVOID HEADACHES WITH THIS FREE REPORT!
