Lunch & Learn: Are appraisals the next big opportunity in mortgage fulfillment?

This Lunch & Learn for mortgage lenders will explore the evolution of the appraisal process as well as opportunities for innovation.

Why brokerages and mortgage lenders are rushing into JVs

Joint ventures are suddenly stitched into the fabric of a handful of national brokerages. But the idea of the joint venture collides with the loose, informal networks that color the American housing economy.

How to simplify the appraisal process for everyone in today’s hot market

While the world might be slowly getting back to normal, the housing boom is far from over. Appraisers need to make sure they have the right tools to manage the high demand.

Robert Dietz on why the single-family rental market is growing

In this episode of HousingWire Daily, NAHB's Robert Dietz explains why the marketshare of single-family rentals is growing despite strong homebuyer demand. He also discusses the NAHB’s latest Housing Market index.

Real Estate

Here’s how TRID will impact real estate transactions

Will it now take longer to close?

HousingWire asked Sharon Voss, president of the Orlando Regional Realtor Association, to discuss how the new TILA-RESPA Integrated Disclosure rule from the Consumer Financial Protection Bureau will affect real estate transactions.

HousingWire: Given that TRID can't really be tested until after Oct. 3, how ready do you think the industry really is?

Sharon Voss: The CFPB’s new disclosure rule marks a major event that will cause some bumps in the road, but these new rules are intended to simplify the disclosure and loan-closing process for consumers and better prepare buyers for their mortgage transaction.

Realtors are ready for the changes. In fact, a survey by the National Association of Realtors shows that more than 80% of all Realtors have already received training about the new mortgage disclosure rules. For example, the Orlando Regional Realtor Association offers free and online classes to members, and its brokerages provide training programs to their agents. In addition ORRA affiliate members such as title companies and mortgage lenders host workshops for Realtors.

HW: Is there a sense of concern over the fact that CFPB is offering a "hold harmless" period, but it's not formal or defined?

SV: Realtors are supportive of a hold-harmless period. We advocate a period of restrained enforcement and liability for the TILA-RESPA Integrated Disclosure Rule for the mortgage lenders, title companies, etc., who are making a good faith attempt to comply.

HW: How will this affect transactions for the consumer?

In the early going, consumers might expect to see the mortgage process lengthened beyond even the new timeframe (approximately 45 days to close rather than the previous 30) as the new disclosure rule is implemented. To address the potential delays many Realtors report that they are planning to put a longer time horizon on their purchase agreements. Realtors are also advising renters to ensure their rental agreements cover the longer timeframe.

HW: What other effects will there be that are of concern that I haven't asked you about?

SV: Realtors across the country should ensure that they are using updated purchase contracts that reflect the new mortgage disclosure rules. In Florida, Realtors have had several months to preview redline versions of contracts and read through detailed explanations of the changes. In addition, the updated contracts became officially available prior to the effect date of the disclosure rules so there would be no lag in using them for our clients’ purchase offers.

Most Popular Articles

Why brokerages and mortgage lenders are rushing into JVs

Joint ventures are suddenly stitched into the fabric of a handful of national brokerages. But the idea of the joint venture collides with the loose, informal networks that color the American housing economy. HW+ Premium Content

Oct 25, 2021 By and

Latest Articles

How much could wire and title fraud cost lenders?

With loan production costs on the rise and the resulting margin compression, lenders should be on the lookout to reduce costs wherever possible in the origination process.

Oct 27, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please