Fremont Real Estate and Beyond

HUD is changing some of the rules behind reverse mortgages today.  Specifically, seniors won't be able to borrow as much and they will have to pay more up front.  A great explanation and interview from Marketplace Weekend.

The Consumer Financial Protection Bureau (CFPB) released a fantastic guide to getting a home loan as well as a quick and simplified checklist of things to do when you are in contract. Check it out! http://www.consumerfinance.gov/owning-a-home

Fannie and Freddie are usually a nebulous topic for most people.  An interesting interview came up today on Marketplace about Fannie and Freddie and how they are integral to the mortgages made today. U.S. mortgage giants under the microscope | Marketplace.org  

It's been a long road for TRID, which are the 2 new forms (Loan Estimate and Closing Disclosure) to replace the TILA, Good Faith Estimate, RESPA, and HUD-1.  This makes the facts about a person's loan more clear as well as the closing costs more accurate.  The closing disclosure also explains why there may be any differences in final expenses between what was mentioned in the loan estimate and what appears in the closing disclosure.  Video and samples of the paperwork are below.  

The Consumer Protection Finance Bureau has extended the "Know Before Your Owe" changes to the lending disclosures to October.  More details are here-- http://www.consumerfinance.gov/newsroom/cfpb-finalizes-two-month-extension-of-know-before-you-owe-effective-date/

As part of their obligations under the Real Estate Settlment Procedures Act (RESPA) and the Dodd-Frank Wall Street Reform and Consumer Protection Act the Consumer Financial Protection Bureau issued an updated "Special Information Booklet" which is now known as the "Your Home Loan Toolkit."  The toolkit attempts to modernize and simplify the information presented to consumers and is designed to work better with the new forms and processes under RESPA/TILA harmonization that go into effect on August 1, 2015. Download the toolkit at the link below-- http://files.consumerfinance.gov/f/201503_cfpb_your-home-loan-toolkit-web.pdf

I'm really glad the Consumer Finance Protection Bureau is finally enacting changes to the loan paperwork received by the consumer at the beginning and end of escrow.  I've encountered a lot of buyers who were surprised by unexpected costs that came up at the last minute.  This smooths out the entire escrow process! August 1, 2015 is when these new rules will be enacted. 

The Consumer Finance Protection Bureau just started a section on the home buying process.  They have a calculator (in beta testing) to figure out what your mortgage interest rate will be as well as checklists so you understand the process. Check it out! http://www.consumerfinance.gov/owning-a-home