Questions you really should be asking

Seven Questions to Ask any Loan Officer

Contents7 Questions Every Borrower SHOULD ask a Loan Officer#1 How long have you been a mortgage lender?  7 Questions Every Borrower SHOULD ask a Loan Officer That could save you thousands on your next mortgage #1 How long have you been a mortgage lender? Just as experience with your lawyer, CPa and doctor matters, so…

What is a CLUE Report and how could it impact my mortgage?

Most people are unaware of CLUE Reports and how they affect property ownership and protection. CLUE Reports include not only accepted claims, but denied claims and inquiries. They are meant to be a comprehensive record of all loss history on you as an individual and on a property.

When are Gift Funds Allowed?

Contrary to many schools of thought there are still mortgage loan programs which permit the use of gifted funds for some or even all of a borrower’s down payment. In this post, we will focus on FHA loans specifically. Although there are many more requirements, this post is intended to focus only on the highlights…

FAQ – What is a ‘Qualified Mortgage’?

The new federal agency Consumer Finance Protection Bureau’s  (CFPB) Qualified Mortgage & Ability To Pay  (ATR) regulations require mortgage lenders in Raleigh and Cary and all other US markets to clearly establish and document a borrower’s ability to be expected to repay the loan they have agreed to make, as well as to meet certain…

8 Basic Requirements of the Ability to Repay Mortgage Rule

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:

New Mortgage Escrow Rules for January 2014

New Mortgage Escrow Rules for January 2014 Nearly three years after passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act ,  a response to the mortgage crisis of 2007-2008 that has left millions of Americans licking their financial wounds from foreclosures and short sales; new escrow rules…