Integrated Disclosure Rule: TILA & RESPA Updates

The Truth in Lending Act (TILA) and Real Estate Settlement Procedures Act (RESPA) promise to change how banks present disclosure materials on August 1, 2015. Prepare your loan officers and bankers with the following sample forms, FAQ sheets, webinars and other resources designed specifically to help bank officials meet compliancy by the August 1 deadline. [...]

The Golden Oldies: Interest Rates

You remember that nice couple just a few years ago that wanted to buy home but their lender declined them? Did they tell you the lender said they just didn’t yet make enough money to qualify for the type of home they wanted and decided to wait until they earned more? Sure you do, everyone [...]

Now and Later

Some loan officers, rookie ones, will take any and all loan applications they can, package them up and ship it off to their underwriter to essentially see if there’s any possible chance the loan can be approved. This really happens. When a potential borrower applies for a mortgage loan, a loan officer can smile, take [...]

Appraisal Standards for Higher-Risk Mortgages Passed by FDIC

"U.S. mortgage lenders will get an additional year to implement new appraisal standards for higher- risk loans after regulators revised the Dodd-Frank Act measure to address concerns raised by financial firms". Creditors issuing loans at above-average interest rates that don’t meet the "qualified mortgage" standard will need to get written reports by certified appraisers who [...]

Key Mortgage Named Lender of the Year at the 2012 Agents’ Choice Awards

Prestigious Award Presented by Chicago Agent Magazine and Chicagoland REALTORS® CHICAGO, Oct. 25, 2012 /PRNewswire/ -- Key Mortgage Services Inc. was honored as the Lender of the Year at the Chicago Agent annual Agents' Choice awards ceremony, hosted by Chicago Agent magazine. Hundreds of Chicagoland real estate professionals voted for Key Mortgage in the magazine's annual survey. The award winners were announced [...]

NPR – Renters No More: Newbies Lured To Homeownership

Great article from NPR...heard this on the drive in this AM. "Today, buying a house may once again look like a sound financial option, at least in many parts of the country where markets have stabilized, mortgage interest rates are extremely low, and rents are moving sharply higher. "If you are in a stable place and you [...]

NEW FHA REGULATIONS

  This will be effective with all FHA assigned Case Numbers dated @ 4/1 or greater... ALL COLLECTIONS will be required to be paid off if they exceed $1,000.00 in total or they MUST go into a payment arrangement.  It will then require a payment history with at least 3 months of verified payments to [...]