TRID TRIVIA- True or False
The lender must require income and asset documentation to release a loan estimate of fees.
FALSE. We can ask for it, but its not mandatory. However...and that is a big however.... to be accurate and consult them correctly, its a best practice. Encourage clients to submit this information to get a pre approval letter!
NO FEES can change once the CD (Closing Disclosure ) has been released to the buyer.
FALSE. As long as the fee in question does not affect the APR by >.125%, the CD can be updated up until the closing hour!
ps. CLICK HERE to see why mortgage rates were HIGHER this week!
pss. Send us your next buyer! We are closing CONV/FHA loan in less than 30 days still! AND with lots of communication and accuracy!
Monday, December 21, 2015
Monday, December 14, 2015
Time to SLOW DOWN!
A few signs from the universe this week that I need to slow down. (1) Doctor said my cortisol levels are through the roof (stress hormone) (2) 94 year old roommate/Grandma says she never sees me sit down, 3) Read a chapter in the book 'The Carpenter' about fear, and how that drives our overachieving, stress, etc. BINGO! Bottom line , I'm working on all of it. Yoga, reading, relaxing here I come ....but I could not refrain from setting my phone timer for 30 minutes while reading this morning so I didn't go too long. You know, stuff to do.
TRID TRIVIA- True or False
ps. Send us your next buyer! We are closing CONV/FHA loan in less than 30 days still! AND with lots of communication and accuracy!
TRID TRIVIA- True or False
- The seller can sign their documents in the 3 day waiting period after the CD Is delivered. TRUE! Just check with the lender though. Not all may feel that way. Legacy says its ok!
- Title has to give the agents both sides of the fees (buyer and seller). FALSE. There is a lot of gray area here. Title companies have a fiduciary responsibility, but also privacy policy concerns. There is an ALTA form that is a combined fee document. http://www.alta.org/cfpb/documents.cfm But not all title companies agree on releasing to the agents. Be sure to ask your title company if you can see the ALTA form before closing.
ps. Send us your next buyer! We are closing CONV/FHA loan in less than 30 days still! AND with lots of communication and accuracy!
Upcoming Events
Lunch & Learn:
The Loan Process - Contract to Close
Wednesday, December 16th
@ 12:00pm
At our office
*Lunch Included!*
RSVP to Annette:
713-579-3606
Annette.ernstein@legacymutual.com
Monday, December 7, 2015
TRID Trivia!
The Hernandez Team has 19 TRID loans under their belt, and we have learned some things!!!!!!!!!!
TRID TRIVIA:
- 'A' CD (Closing Disclosure) is required to be delivered 3 days before closing. Not necessarily the 'FINAL' CD. In other words, changes can and are happening (as long as they are not APR related fees)
- There is no more HUD Statement. Title companies now have a different document, the Texas Disclosure T-64, (one for buyer, and one for seller) in which they sign (in addition to the CD).
- If the borrower signs the CD the DAY IT IS RECEIVED, then closing is 3 days later. If they do not, closing is 6 days later.
- Legacy is having a Title Roundtable on 12/10! Our 2 head ops guru's will be here to share tactics with them to ensure on time closings! If you want to be sure your title company is included, email me!
Why Should you Attend my Time Management talk on Wed 12/9? Because I have simple tactics you can implement TODAY that will save you 5 hours a week, and create more prospecting time!
Let me show you that balance is possible! It's closer to your reach than you think. I am a working mommy that manages her household (hubby, 2 kids, nanny, dog, parents in law, and 94 yr old grandma - yes ALL of them live with me! ), a lending team of 10 closing 20 loans a month, and a second job as a business coach for The Core Training...........all in 42 hours a week.
Ok, my writing time block is over....gotta dash! xoxoxoxo Jennifer
ps. CLICK HERE to see what mortgage rates did this week and why!
pss. Send us your next buyer! We are closing CONV/FHA loan in less than 30 days still! AND with lots of communication and accuracy!
Upcoming Events
-
Lunch & Learn:
Time Management
Wednesday, December 9th
@ 12:00pm
At our office
*Lunch Included!*
-
Lunch & Learn:
The Loan Process - Contract to Close
Wednesday, December 16th
@ 12:00pm
At our office
*Lunch Included!*
RSVP to Annette:
713-579-3606
Annette.ernstein@legacymutual.com
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