Tuesday, September 15, 2015

MBA Launches 'Know Before You Owe' Info!

Selling Southern California!

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DAILY REAL ESTATE NEWS | TUESDAY, SEPTEMBER 15, 2015

With the Oct. 3 'Know Before You Owe' mortgage initiative approaching, the Mortgage Bankers Association (MBA) launched a set of resource guidelines last week that seeks to educate consumers and lenders, as well as their business partners needing to comply with the new TILA-RESPA Integrated Disclosure (TRID) regulations.

NAR Has You Covered

Webcast: The New Closing Rules

TRID Guide Aims to Ensure On-Time Closings

Access TRID resources on realtor.org

REALTORS® and the New Closing Process Survey

These new mortgage rules are expected to have sweeping changes across the industry by merging the HUD-1 Settlement Statement, the Good Faith Estimate, and the Truth-in-Lending disclosure form into two new closing forms: a Loan Estimate and a Closing Disclosure.

The new resources from MBA seek to help educate consumers, industry partners and service providers be better prepared, and to speed the process of their transactions.

A recent survey from NAR revealed that many real estate agents are already making steps to be prepared to these changes; more than 80 percent of respondents said they've taken some form of closing process training, and 71 percent of REALTOR® members rated their level of preparedness as average or better.

"MBA has worked closely with the CFPB to create these materials so that both consumers and the real estate community can comply with the new procedures in an efficient and smooth process," says David Stevens, MBA President and CEO. "Our industry has been preparing for these changes over the last several months and we are confident that everyone involved in the closing process will benefit as a result of these new rules."

Their resources include:

Consumer One-Pager - This contains information for consumers covering the changes of 'Know Before You Owe'.
Lender One-Pager - Intended for real estate agents and broker partners, this information also covers the changes brought by 'Know Before You Owe'.
PowerPoint Slide Deck - Real estate agents and broker partners can use these materials in presentations with colleagues.

To download these documents from MBA's website, please click here.

Source: Mortgage Bankers Association

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Tuesday, September 8, 2015

Fannie, Freddie Extend Foreclosure Timelines

Selling Southern California!

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DAILY REAL ESTATE NEWS | TUESDAY, SEPTEMBER 08, 2015

Mortgage financing giants Fannie Mae and Freddie Mac are increasing the maximum number of days for a foreclosure sale in the majority of the country. Fannie Mae and Freddie Mac announced that 33 states would see an increase in the maximum number of allowable days for "routine" foreclosure proceedings.

The new foreclosure timelines will apply to all foreclosure sales completed on or after Aug. 1.

The new timelines represents the maximum allowable period between the due date of the last paid installment and the completion of the foreclosure sale. The timeframe also reflects the time that is typically required for a "routine, uncontested" foreclosure proceeding.

Read more: Foreclosure Rate Drops to 2007 Levels

The amount of extensions varies by state. For example, in Maine, Freddie Mac is increasing the foreclosure timeline by 300 days – from 690 days to now 990 days. In Hawaii, the foreclosure timeline is increasing by 240 days – 840 days to 1,080 days. Other states saw much smaller extensions, such as Arizona and Washington, which increased from 330 to 360 days.

Oregon saw the longest foreclosure timeline extension by an added 480 days – 600 days to now 1,080 days.

Fannie Mae and Freddie Mac say that if the amount of time to complete the foreclosure sale exceeds the maximum number of allowable days and the servicer fails to provide an adequate explanation for the delay, the GSEs will require the servicer to pay a "compensatory fee."

The following states have had foreclosure sale timelines extended: Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Nevada, New Mexico, New Hampshire, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Dakota, Tennessee, Texas, Vermont, Washington, West Virginia, Wisconsin, and Wyoming.

Source: "Freddie Mac Joins Fannie Mae in Extending Foreclosure Timelines," HousingWire (Sept. 4, 2015)