How has your first week of 'TRID' gone (that went into effect Oct 3)? Here are some TIPS from me. This quick 3 minute video could SAVE YOUR NEXT TRANSACTION!
Be sure to WATCH my library of FAQ videos for TRID .. Your buyers and sellers can watch them too. I have made short, 2 minute videos to address certain questions your clients are sure to have.
The CFPB (Consumer Protection Financial Bureau) recently released a bulletin addressing MSA's , or marketing service agreements. This is to include direct payments for a 'desk rental fee', or even paying for leads through online portals. The bulletin explains that while marketing services agreements are usually framed as payments for advertising or promotional services, in some cases the payments are actually disguised compensation for referrals. Any agreement that entails exchanging a thing of value for referrals of settlement service business likely violates federal law, regardless of whether a marketing services agreement is part of the transaction. Be sure to check with your companies legal before you entice a lender or title company to pay for marketing. The bulletin is HERE
In the Markets
Beware of the news! Freddie Mac and Fannie Mae release what is going on to the media usually Monday or Tuesday. By the time the news prints, and you see the news Friday (for example) it is OLD NEWS. Rates have increased this week after the nice lows of last week. The labor market has reported that Initial Jobless Claims is down. We are not sure yet if that is a real number since many of the labor pool that may not be working may not be participating in unemployment (they have exceeded the allowed time), or just not claiming unemployment. So the numbers can be misleading.
For Houston, in January, we saw an anticipated Job Creation number of 105,700. Now in October, that number has been revised to 55,000. A big drop. Many of the agents are telling us that borrowers are hesitant to look , for fear of job loss.
There IS insurance available for borrowers in the case of 'Involuntary' Unemployment. Call me for details!
Upcoming Events
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Lunch & Learn:
How to Build Team
Wednesday, October 14th
@ 12:00pm
At our office
*Lunch Included!*
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Lunch & Learn:
The Loan Process - Contract to Close
Wednesday, October 21st
@ 12:00pm
At our office
*Lunch Included!*
RSVP to Annette:
713-579-3606
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