Ability to Repay Basic Eight Requirements
2014 brings with it many new rules established by this new regulator that have significant impacts not only on the type of loans that consumers have access to but how they are delivered. The rule set minimum requirements that a creditor must consider in making the ability‐to‐repay determination. Eight factors must be considered, at a minimum, in the underwriting evaluation process:
Under normal circumstances, lenders require that all parties to a mortgage agreement be present in person at settlement to sign their loan documents. However, there can be very legitimate circumstances under which it isn’t possible for the borrower to be …
FAQ – Can I Close My Mortgage Loan Using a Power of Attorney (POA)? Read more »
Daylight Saving Time (DST) 2013 Daylight Saving Time began on Sunday, March 10, 2013, at 2:00am. Clocks shift back to Standard Time (ST) Sunday, November 3rd, 2013, at 2:00am. This shift in time moves one hour of daylight from the …
Why DO we Observe Daylight Savings Anyway? (DST 2013) Read more »
With all the hoopla and political grand standing coming out of Washington DC, it is nice to see that on occasion those who have been elected to lead can set aside their bickering and at least accomplish some of the …
Congress Approves Funding for USDA Rural Development Loans in Raleigh for FY2014! Read more »
A two-year waiting period is permitted if extenuating circumstances can be documented. Divorce is NOT an extenuating circumstance!
One of the most common cause of foreclosure is misstated or overstated income. Since the mortgage meltdown of 2008, and because of increased accountability to Washington, lenders are now required to take extra steps to verify that borrowers have the …
FAQ – What is a IRS Request for Transcript of Tax Return (4506t) Read more »
There’s been a lot of rhetoric coming from both sides of the congressional aisles these days; from Democratic and Republican parties and even a few in between. But recently the media has begun reporting government shutdown fallacies as facts. I’ve …
FAQ – How Will a Government Shut-down Delay My Mortgage Loan Application? Read more »
This 15 page letter outlines how the FHA plans to make exceptions that will allow borrowers with troubled past related to the economic malaise commonly called the Great Recession, to reenter the market in a shorter time-frame.
With most of the country still reeling from the hangover caused by the Roman Orgy of Real Estate it sounds a little premature to begin taking cash out of your home for something as unsure as a child’s education, but that’s exactly what some people are doing. Recently I have encountered a growing number of 40 something Gen-X’ers doing something even crazier;
… the economy, particularly the housing sector, continues to be a drag on the US economy. As a result, investors who once gladly would make a loan secured against a manufactured home, now won’t even consider it. Because of this, many otherwise very well qualified homeowners and would be home buyers have found that access to credit has been shut off.