CFPB Finalizes ‘Know Before You Owe’ Updates

The Consumer Financial Protection Bureau (CFPB) recently finalized updates to the TILA-RESPA Integrated Disclosure rule (TRID), or “Know Before You Owe,” including clarifying the sharing of the Closing Disclosure (CD) with third parties—a concern for many in the housing industry since the rule’s implementation in October 2015. “The Bureau understands that it is usual, accepted, […]

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Borrowers Have Spoken: A Mix of Tech and Touch

Mortgage borrowers are espousing the benefits of technology in the process of financing a home, but also recognize the need for—and value—face-to-face interactions with lenders, according to a new survey. Fifty-seven percent of homeowners in Ellie Mae’s 2017 Borrower Insights Survey completed their most recent mortgage in-person, while 28 percent completed theirs both in-person and […]

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FHA again Reduces Mortgage Insurance Premiums, Lowering Costs for 1 Million Households

Annual mortgage insurance premiums for Federal Housing Administration (FHA)-backed mortgages are lowering toward their pre-bust level, with FHA announcing on Monday another reduction, this time to 0.60 percent for most borrowers. The one-quarter point reduction is expected to save FHA-insured borrowers with a closing date on or after Jan. 27, 2017 an average $500 this […]

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