What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Conquering the Mortgage Lender’s Dilemmas

This webinar provides a roadmap for creating a sophisticated, digital-first cost improvement strategy to maximize profits by reducing high processing environments.

HW's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

We need higher mortgage rates to cool the housing market

2020-2024 will have the best housing market demographics and the lowest mortgage rates ever recorded, which could accelerate real home prices too quickly.

Politics & MoneyMortgage

MBA launches Know Before You Owe for homebuyers and mortgage lenders

TRID is coming, you better be ready

The Mortgage Bankers Association launched a set of resource guidelines to educate consumers, lenders and their business partners about the new Know Before You Owe or TILA RESPA Integrated Disclosure regulations from the Consumer Financial Protection Bureau that will go into effect on Oct. 3, 2015.

These new, complex regulations will require new mortgage disclosure forms and will change the way that real estate transactions are processed and closed. It is the intent of these resources to help educate consumers, industry partners and service providers, and to speed the process of these transactions.

“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,” said MBA President and CEO David Stevens. “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.”

The required loan documentation consists of two new forms: the Loan Estimate and the Closing Disclosure to ensure compliance.

These new forms consolidate the TILA-RESPA forms and are meant to give consumers more time to review the total costs of their mortgage. The Loan Estimate is due to consumers three days after they apply for a loan, and the Closing Disclosure is due to them three days before closing. 

The resources are comprised of several documents designed to assist consumers and the broader real estate community in plain, easy-to-understand language.

They include:

  • Consumer One-Pager – Targeted for consumers and covering the changes of Know Before You Owe;
     
  • Lender One-Pager – Targeted for real estate agents and broker partners, also covering the changes brought by Know Before You Owe;
     
  • PowerPoint Slide Deck – Targeted for real estate agents and broker partners to use in presentations with colleagues.

To view and download any of these documents from MBA’s website, click here.

Most Popular Articles

Josh Team out as Keller Williams president

Josh Team is out at Keller Williams, not long after he received what appeared to be a promotion. He announced his resignation on Facebook.

Feb 22, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please