Know Before You Owe Implementation

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As I said in The Wall Street Journal last week, the new Know Before You Owe regulation, also known as TILA-RESPA Integrated Disclosure (TRID), is without question the single largest implementation challenge that the real estate community has faced since Dodd-Frank was signed into law. Lenders and others involved in real estate transactions have spent billions of dollars on new systems and training for employees to make sure these new rules don’t disrupt home purchases.  Continue reading “Know Before You Owe Implementation”

Recognizing Diversity in Mortgage Lending

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This month is Hispanic Heritage Month.  And to mark the start, earlier this week a major mortgage lender announced a pledge to originate $125 billion in loans over the next ten years, to assist in the National Association of Hispanic Real Estate Professionals’ (NAHREP) Hispanic Wealth Project. This announcement is timely, given that MBA and other stakeholders in the real estate finance industry have worked hard as of late to recognize the growing number of minorities, and in particular Hispanics, entering the U.S. housing market.

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Know Before You Owe

I know that everyone in the mortgage industry is focused on the new TILA RESPA Integrated Disclosure (TRID) regulations, also known as Know Before You Owe, that will go into effect on October 3, 2015. Rightfully so. The Know Before You Owe regulations, and the accompanying new forms that borrowers will get at application and closing, will undoubtedly have a significant impact on the home buying process for consumers and lenders alike.

Because these regulations will require new mortgage disclosure forms and will change the way that real estate transactions are processed and closed, MBA created a set of resources designed to assist consumers and the broader real estate community in plain, easy-to-understand language, to educate homebuyers and mortgage professionals on the upcoming changes.

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Why I Support Reforming the GSEs, Not Eliminating Them

A lot has been said on the subject of Fannie Mae and Freddie Mac. Many speeches have been given, articles written, and op-eds published on the subject of how to resolve the unsustainable conservatorship. Like others with opinions, I have one too.

A lot has been said on the subject of Fannie Mae and Freddie Mac. Many speeches have been given, articles written, and op-eds published on the subject of how to resolve the unsustainable conservatorship. Like others with opinions, I have one too.

As background, I worked at Freddie Mac for the better part of a decade in the late 90s/early 2000s, overseeing the company’s Single Family business. I later served as the Assistant Secretary of Housing and Federal Housing Commissioner in the midst of the housing crisis and the nation’s worst recession since the Great Depression. I’ve also worked for lenders large and small – I’ve been involved in this housing finance system from all sides.

Today, I run the Mortgage Bankers Association. We have over 2,000 institutions representing banks, credit unions, community banks, independent mortgage bankers and service providers all involved in financing commercial, multifamily, and residential real estate, both rented and owned. No matter any outcome, our members will finance every property in the nation. I am not saying I own exclusive rights to the correct view, but I am saying my opinion is well informed.

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The New Housing Crisis?

We are currently in the middle of a housing crisis. That’s right…I said it. Industry experts, economists and even consumer groups have predicted one would emerge, albeit this is not what they expected and it is certainly sooner than anticipated.

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We are currently in the middle of a housing crisis.  That’s right…I said it.  Industry experts, economists and even consumer groups have predicted one would emerge, albeit this is not what they expected and it is certainly sooner than anticipated.

Continue reading “The New Housing Crisis?”

Having & Maintaining Good Credit

15252_blog_image_bus_woman1I recently received an email alert from the credit reporting agency that I have a subscription with alerting me to the fact that my score had changed. For anyone who doesn’t have a subscription to a service that monitors your credit rating, I strongly recommend considering this – or at minimum scheduling a quarterly check with a free credit reporting service. Why? Simply because your credit score means a lot, whether looking for a job, renting or buying a home, or the rate charged on your credit cards.

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