More TRID Trivia!

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!

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

•  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

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

TRID Mythbusters!

My 10 year old kid is trying to tell me that having an Ipad at school is mandatory. Now that is a rumor if I ever heard one....he just wants to get out of the punishment I dished out to him for getting behavior marks at school. Nice try big guy.

 

 Speaking of rumors......

 

 TRID Rumors We are Hearing- True or False!?

• Buyers/Sellers cannot be in the same room at closing . FALSE!

• The Pre Approval Letter must match the 3rd Party Financing Addendum. FALSE

• Getting the TREC form signed allowing realtors to have a copy of CD/LE must be accepted by the lender. FALSE -Many lenders are not 'caring' if you have that form in the file. Legacy does! We will give you a copy if that form is signed!

• Saturdays count as one of the 3 days for the CD Delivery. TRUE!  Legacy is working on Saturday this weekend to initiate CD's so borrowers can close Tuesday!

  

In the markets:

READ HERE to see what happened with rates this week!

Hope you have a safe and joyous Thanksgiving!

Upcoming Events

-

Prospects Seminar/Lunch & Learn:

Retirement Planning in the 

World Today

Monday, November 23rd

@ 12:00pm

At our office

*Lunch Included!*

-

Lunch & Learn:

TRID Best Practices

Tuesday, December 1st

@ 1:00pm

At our office

*Lunch Included!*

RSVP to Annette:

713-579-3606

Annette.ernstein@legacymutual.com

Make 2016 Your Best Year Ever!

Happy Friday !

 

So 13 has actually always been a lucky number for me. It's all about what you believe you know? The power of positive thinking! Today is going to finish a great day!

 

As you are reading this, I am finishing a 2 day conference with the Core Training Inc (our biannual summit) this year in Scottsdale. As many of you know, I am in my 6^th year as a coaching student, and my 4^th year as one of the Core's Lender Coaches! So.....be sure to attend one of my 'Learns' next week on HOW TO MAKE 2016 YOUR BEST YEAR EVER!  Just a short 60 minutes of your time, and you will have a take away , I guarantee you! I know what I am talking about! I live and breathe this stuff! Pass to a coworker as well, and just be sure to RSVP to the RIGHT!

 

As a teaser...check out this 30 minute webinar about how to get a corporate account! This could explode your business this year! https://youtu.be/uTlKIxQ9GVw

 

I was honored to be highlighted in an article by Floify (one of our trusted vendors) this week. You can check it out HERE!

  

In the markets:

READ HERE to see what happened with rates this week!

Upcoming Events

-

Lunch & Learn:

How to Make 2016 Your

Best Year Ever!

Wednesday, November 18th

@ 12:00pm

At our office

*Lunch Included!*

-

Breakfast & Learn:

How to Make 2016 Your

Best Year Ever!

Thursday, November 19th

@ 9:30am

At Tradition Title Company

4000 Washington Ave, 77007

*Breakfast Included!*

-

Prospects Seminar/Lunch & Learn:

Retirement Planning in the 

World Today

Monday, November 23rd

@ 12:00pm

At our office

*Lunch Included!*

 

RSVP to Annette:

713-579-3606

Annette.ernstein@legacymutual.com

Rates are up!

Happy Friday!

Whoooop! We are taking my kids to their first Texas A&M football game! I am an Aggie, and have not been back in over a decade! I know, I'm a slacking alumni, but now my kids are at the age they can enjoy it. So here we go!!!!!!!! Beat the heck outa Auburn!

 

In the markets:

 

As of late Thursday, the rates were at the highest level in 7 weeks. Fed Chair Janet Yellen in recent Fed meetings almost all but promised that there will be a rate hike in December. In other words, investors are bracing themselves, and with that positive news means increased earnings for banks and the like. Profits! Banks have been earning very little for a long time. With the overnight funding rate at almost zero percent....that is free money!? On the other hand, businesses will have to spend more to borrow. Uh Oh...the pendelum swings both ways. Either way, this kind of news makes markets go crazy. Good and bad. So stocks have been up, and that makes bonds suffer, with lower prices from lower demand, and therefore, higher yields (rates).

 

Then we had a mid day reprice when the jobs report came out stronger than expected. More signaling of a strengthening ecomony, and more ammo for the rate hike (possibly) in December.

 

Stay tuned.........

Upcoming Events

Lunch & Learn:

How to Make 2016 Your

Best Year Ever!

Wednesday, November 18th

@ 12:00pm

At our office

*Lunch Included!*

-

Breakfast & Learn:

How to Make 2016 Your

Best Year Ever!

Thursday, November 19th

@ 9:30am

At Tradition Title Company

4000 Washington Ave, 77007

*Breakfast Included!*

 

RSVP to Annette:

713-579-3606

Annette.ernstein@legacymutual.com

Hocus Pocus

Did you know that rubbing Vick's Vapor Rub on your feet and putting socks on at night will HELP YOUR COUGH/COLD!?  I know... I thought that too, that my mother in law's 'trick' was a bunch of Mexican old wive's tale hocus pocus. But it works! Just ask my 5 year old that was cured the other night! Fever and non stop coughing, GONE!

 

Speaking of hocus pocus...have you closed your first TRID transaction yet? We have!

 

WATCH HERE !

 

In the markets:

The statement released following Wednesday's Fed meeting was not good for mortgage rates. This week's economic data was roughly neutral. As a result, mortgage rates ended the week higher.

Central banks around the world have had a heavy influence on mortgage rates recently. Last week, the increased willingness of theEuropean Central Bank (ECB) to expand its bond buying program had a favorable effect, while China's policy changes had an offsetting effect. This week, it was the U.S. Fed. Even though many recent economic reports in the U.S. contained signs of a slowing economy, the Fed statement explicitly kept the door open for a federal funds rate hike at its December meeting. The hawkish tone surprised investors and caused an unfavorable reaction in mortgage rates.

Upcoming Events

Lunch & Learn:

TRID: Best Practices

Wednesday, November 4th

@ 12:00 pm

*Lunch Included*

RSVP: annette.ernstein@legacymutual.com