The head of the Consumer Financial Protection Bureau warned software vendors that they face new scrutiny from regulators for causing mortgage lenders to miss the TRID-compliance deadline. He was vague about how far the CFPB might go, but many in the industry are prone to fear the worst.
Source: Is the CFPB Ready to Pounce on Mortgage Tech Vendors? | American Banker
After plummeting 27.6% during the week following implementation of the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures rule, mortgage application volume rebounded for the week ending Oct. 16 with an 11.8% correction.
Source: Post-TRID mortgage app swings continue with 11.8% jump | 2015-10-22 | CUNA News
A little more than two weeks in, and the first handful of loans in the Consumer Financial Proection Bureau’s new world of the Truth In Lending/Real Estate Settlement Protection Act Integrated Disclosures rule are underway. The lead up to the new TRID rule consumed the industry as it anxiously waited for Oct. 3. While there still a lot of talk about the minute details of TRID, the industry must move forward. However, there is a TRID implementation grace period, which more government regulators and entities . . .
Source: First TRID-based loans underway | 2015-10-22 | HousingWire
There are over 300 million Instagrammers.
Those users share an average 30 billion (yes, billion with a big whopping B!) photos per year.
What is Instagram? According to their page, Instagram.com,
“Instagram is a fun and quirky way to share your life with friends through a series of pictures. Snap a photo with your mobile phone, then choose a filter to transform the image into a memory to keep around forever. We’re building Instagram to allow you to experience moments in your friends’ lives through pictures as they happen. We imagine a world more connected through photos.”
Instagram’s focus on pictures and video is PERFECT for real estate.
Create a free account today and add in your website, phone number, email and other pertinent contact info. Make sure you add a profile picture. The best size for this is 110×110.
Share photos daily. Gaining followers is more likely if you are consistent. According to our analytics, the best time to post on Instagram is weekdays between 7-8 am.
Don’t have any listings of your own to share? Preview listings of other agents in your office and share those. Perhaps snap a photo or two of the community pool, clubhouse, playground or entry sign.
Instagram is great for videos too! Perhaps ask your happy customers to share what they were most pleased with while working with you and capture their response on video! Instant video testimonials!
Check out Instagram today and see how you can take advantage of this free and easy marketing tool! Once those contracts start coming in, please keep us in mind for all you closing needs! We appreciate the opportunity to earn your business. Thank you for reading!
State Title Partners – “A Partner You Can Trust.”
Visit Us Online at statetitlepartners.com
Beginning in August, new disclosure forms are being implemented with the intent of helping mortgage consumers comparison shop while eliminating surprises at closing such as significant changes in fees and costs.
Two new forms are being introduced.
The first is the “Loan Estimate” form.
The second is the “Closing Disclosure.”
“Know Before You Owe” strives to improve customer understanding of the mortgage process. Worksheets, research topics, discussion starters and checklists have all been added to help the consumer be more involved in the loan process.
“We are releasing this toolkit well in advance of the effective date to help the mortgage industry come into compliance with the new rules,” said CFPB Director Richard Cordray.
Want to know more? Click here for your home loan toolkit: http://files.consumerfinance.gov/f/201503_cfpb_your-home-loan-toolkit-web.pdf
This time of year is where the economic experts all make their predictions. Realtors, Mortgage Pros and Title Companies, just to name a few, watch closely to see how the year ahead might look for our industry. After all, State Title Partners had a great 2014 and are eager to see if that trend will continue into next year.
After scouring publications, watching the news, reading forums and perusing news feeds, we went one step further….
We ask our colleagues.
We wanted to know, from those “in the trenches,” what they think the year ahead holds for the local real estate market.
Here are their answers:
“(Mortgage Interest)Rates are definitely going to rise in 2015. They have to. I think when that starts to happen, the people who are still on the fence about buying, will be in a hurry. The market is already very strong and will stay that way going into 2015. When rates go up, it is going to be a feeding frenzy.”
“2015 will be a great year, just as 2014 has. Well priced and well marketed homes will sell quickly.”
“For experienced agents on top of their game, 2015 will be record setting. Rates will go up. Prices will continue to go up.”
“2015 will be the year when everyone who has not been paying attention wakes up and says “Holy cow! When did all this happen?”
“Those of us in the mortgage industry know that rates have to go up. We have been very surprised that they have not already. Buyer’s will be shocked when they start to rise and they realize how drastically a small increase can change their payment. People have forgotten the days of 12-16% interest rates and have taken these incredibly low rates for granted.”
State Title Partners is enthusiastic about the year ahead and thankful for 2014. We look forward to continuing to be “A Partner You Can Trust.” We wish you all very happy holidays and a prosperous, safe and memorable 2015!
You may have heard about or seen commercials for Reverse Mortgages but are wondering how they might benefit you. Well here is the skinny…..
You must be at least 62 years old to qualify for a reverse mortgage.
Reverse mortgages allow you to turn your home’s equity into tax free funds. We highly recommend consulting your accountant prior to making a decision about whether a Reverse Mortgage is right for you.
You can receive your funds as a line of credit, monthly payments, lump sum or combination thereof.
Reverse mortgages pull the equity in your home and give you money to live on. The Federal Trade Commission states the following about Reverse Mortgages:
In a “regular” mortgage, you make monthly payments to the lender. In a “reverse” mortgage, you receive money from the lender, and generally don’t have to pay it back for as long as you live in your home. The loan is repaid when you die, sell your home, or when your home is no longer your primary residence. The proceeds of a reverse mortgage generally are tax-free, and many reverse mortgages have no income restrictions.
You must still pay your property taxes, homeowner’s and flood insurance (if required) and utlities.
Interest on reverse mortgages is not tax deductible.
Have additional questions? Contact us at (321)728-3836 or tom@statetitle.net and we will be happy to put you in touch with a professional who can help. State Title Partners – “A Partner You Can Trust.”
State Title Partners 